With all the economic turmoil in this country right now, many people love to point their fingers at their fellow man and blame them for the problems we all face in this country.
One thing I think many of you fail to realize is that there is a multitude of people innocently affected by the housing crisis. First off, not everyone took out a bad mortgage and not everyone bought more than they could afford. While talking to a fellow blogger on the phone about the current crisis in my neighborhood, I decided to see what the competition is in my neighborhood and the above picture is the “tell all” for what many people are facing today.
Many people have taken huge pay cuts and many people have lost their job due to many companies closing up. When the only option you have is to move to another part of the state or out of state all together to feed your family, how do you sell your house with this type of competition? Many of these homes were approximately 100,000 4 years ago and it wasn’t until last quarter of 2008 when these homes all went into foreclosure. Today, many people would love to get a brand new start and are unable to because they have to make a tough decision to make, and that decision is to either wait out the economic storm and destroy their credit rating trying to save the home they live in, or just walk away entirely further decimating the neighborhood and their once decent credit rating.
Like I have said before, just because you can, doesn’t mean you should. I could care less whether or not my neighbor took out a mortgage they couldn’t afford or couldn’t pay the bills due to job loss; I am strictly blaming the banks for the loss of the value of my home.
The banks did not have to refuse to work with the thousands of people that were in jeopardy of losing their homes. They could of worked with these people before things got as bad as they did. If you think the worst is behind us, think again, I am sure there are many people hanging on by barely a thread and its only time before reality hits us a second time.