We are hearing so much negative news regarding the mortgage and real estate communities.
When I came into Real Estate as an Agent in 2004, I wondered how the lenders could loan so much over what a house was actually worth. I voiced my opinion that this was not a sound business practice. Yeah, when the prices are going up it's great. But Real Estate goes in cycles. And what goes up does come down. History does repeat itself so why the shock?
And what about the consumers...when you buy with credit cards did it not occur to anyone that you would have to repay the original amount plus lots of interest? With other factors such as rising gas prices and healthcare costs, it did not take long for the average American to get into deep debt...However, there is a light at the end of the tunnel...
The Mortgage companies are now forced to qualify buyers who can actually afford to purchase a home with the financial reserves saved before they commit to homeownership. And this also is a wake up call to each of us.
In my opinion, we must not rely on government bail-outs and hand outs to see us through. The true facts of what you are being told regarding real estate is also true across the board. We now have the opportunity to step up and be heard. We should be coming up with real solutions to debt, government spending and healthcare costs that affect all of us.
One person alone is not going to be effective. But together, we can accomplish anything!
Comments(1)