First of all, no one reads the USA Today unless you're traveling or you are staying at a hotel. So for the 98% of American's who have better things to do, here is a link to the story to which I am referring to. Back in October, police in Oregon found a man, his wife, and dogs dead in their home as a result of asphixiation. The conclusion is that they committed suicide because their home was going into foreclosure. The paper then goes on to cite that one in every 519 homes is in foreclosure and now some are taking their lives as a result. This is sloppy reporting and I contend that its as much the media's fault for killing this couple!
For the past year, every single client that has come my way has said the same thing "how can I buy a house in this market" and almost all wrote a contract on their dream home a few weeks later. It's not that they're niave or stupid...far from it. They realized that not everyone is in foreclosure and that the Charlotte housing market is really very good. In fact, we are the only MSA that still has appreciating prices in the country. However, that fact will always get under-reported.
I don't mean to sound crass because I really do feel for folks that have had financial issues and that signed loan papers and didn't know what they were getting into. We've all been there at some point in our lives and yet we all grit our teeth and get through it. This story is reporting the extremes. Even folks in the greatest of financial trouble that do not have any sort of mental instability don't kill themselves. They attempt to work it out with the bank, settle with debt collectors, or even file for bankruptcy. They realize that the value of their life FAR exceeds four walls and a roof.
Remember, real estate is local. While some other states have extremely high concentrations of foreclosures, North Carolina is ranked 26th of 50 according to RealtyTrac. That's a far cry from 1 in every 519 homes in foreclosure. If you're considering buying a home but don't want to buy in a "bad" market, I encourage you to investigate what's happening the area in which you are looking to make a purchase. Get educated about the market and don't simply let the media dimwits with their sky-is-falling template control your life. If you find a foreclosure in the neighborhood you are looking to buy, look at it as some elbow grease usually will pay big dividends After all, the media doesn't report on a sunny day or rain the same way they cover a tornado or hurricane.
If you're in trouble, remember that there is a better way, the bank doesn't want your house, and negotiate with the bank at the first signs of trouble. You will be suprised at what you discover. Finally, remember, you life is far more precious than your stack of bills regarless of what USA Today reports.
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate
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