On most days, I read two-three newspapers. Tonight, as I was reading, certain articles began to register...they were all about residents requesting/petitioning for money for all kinds of community amenities. Maybe you have noticed them in your papers, also. Most requests are for bark parks, bicycle lanes, jogging paths, play parks, etc. In normal times, these requests to improve the lifestyle of a town's residents would be acceptable but these are not normal times. From major cities to little beach communities, our leaders bought into the market hype. Large outlays of capital were spent with little thought because construction was king and revenue was flowing. Build those new courthouses, new police departments, new libraries, etc. Now, municipalities are desperate for cash, and yet, the citizenry still asks for more taxpayer paid projects. Which is more important building a skate park or paving a road that is breaking apart? From where is this money going to come if states are millions in the hole? When are we going to stop spending? We cannot afford it!
How does this relate to real estate? Look at all the programs that states are putting into place. They offer free money for down payments; borrow 125%; finance for umpteen years...when does it stop. Is the whole world going crazy? Is no one fiscally responsible? If you are wondering where this tirade is coming from, I will share. I received a call from a really honest lady wanting to know if I would be interested in owner financing a home I happen to own. As we talked, she admitted her home was being foreclosed upon and she was looking to buy, again. She had it all worked out; she was a mortgage broker for a large bank so she had her proposal all worked out. I won't bore you with all the details but have we learned nothing in the past three years?
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