Before the mortgage crisis, real estate seemed like a sure bet. Pretty much anyone could buy a house: no money down, thousands of square feet, second and third vacation homes were not out of the question. Then the bubble burst.
Homeowners across the U.S. confronted the reality that their houses were worth a fraction of what they had paid for them. Now, a decade later, even though the recession is over, more than 6 million homeowners are still upside down on their mortgages.
This week on For the Record, we hear the stories of two people who lost their homes in the mortgage crisis and how they're coping today.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Funny how no one factors in the interest you pay for 30 years on the house. So you buy 140K home but by the time you pay all the interest, lets say @ 5% for 30 years you have paid over 270K for the house, that may, increase in price to 160-180K by the time you go to sell it. In reality you have easily lost 100K.
ReplyDeleteThen, the reality is you never really own it because it can be stolen from you over a measly tax bill. How is that fair or bring security? You lose 140K house over a 1,500 tax bill?
And let's talk about this area. There is a boat load of foreclosures that are not even on the market yet. They say that only 15% of the homes for sale here are foreclosures, but thats sorta a lie, because they are not all on the market.
Everyone is still trying to get what they paid for their homes, and there are no jobs here. Rents have also gone thru the roof, so you can't afford a 1,000-1,200 rent and you can't afford a 1,000-1,200 mortgage? Where do you live? Out of your storage unit?
Where is the security in that?