How have you or others you know been affected by the housing market crash and recession?
Do you believe a "recovery" will leave things better, or less so?
Here in Texas, it has not been much of an issue there was not much as much of the type of lending going on nor was there much fallout once the buble burst. At the same time, we did not see the heavy escalation in home prices like some areas of the country, for example...Las Vegas values increased by a factor of four then came crashing back to reality as the bubble burst. We lost some value here in Texas but it was rather temporary and more relative to the stagnation of the economy and the movement of people than directly related to the housing collapse. A friend of my family just bought a house last week and paid full market price to get it. Overall, Texas was rather insulted in many ways from the financial instability. I do not see a signficant or timely recovery under the present administration. In fact, the things I see this administration doing are working more against a recovery than for one. The private sector, a primary element in a robust economy, has basically been side-lined by the unpredictable actions of the federal government. Until that situations changes, the economy will ebb and flow rather stagnantly for the foreseeable future with employment remaining high and the price of goods and services on the increase. All of that breeds low consumer confidence over time. The only spark this administration has applied is to infuse massive amounts of borrowed money in the name of stimulus. That money went to the wrong places....so write that off as a failure as well. ~WB
My house is in the pre foreclosure stage. I have gotten a loan forebearance (reduced payments) because of the hardship of being unemployed (laid off from job of 14 years). I'm waiting to find out if I'm approved for a loan modification. I know several people who have gotten loan modifications, and several who have lost their homes. California has been hit hard by the real estate crash, My house is worth maybe 1/3 what it was at the peak.
We haven't recovered yet. When we do actually recover, it will be better, because that is the definition of a recovery.
I know a neighbor who wasn't making her home payments and lost her home to foreclosure. She then moved into a rather cushy situation where she lives in her brother's home while paying just a few hundred dollars a month rent to his girlfriend after her brother died. That lasted just over a year till her brother's girlfriend then died. During this time, she stopped working due to some ailment yet she always seems well enough to cook and clean for her grown son and grown nephew that leech off of her.
Now, after having run through more than six figures of insurance benefits from her brother's death while paying just 40% of what she paid prior to being foreclosed on, she now is at high risk of being homeless. The son of her brother's girlfriend (owner) is going to sell the home & she has continued to neglect her credit and finances while subsidizing the life of her 50 year old nephew and 40 something son. She is still not working and doesn't have any prospects. This is a woman in her 50's who doesn't plan well (even for her own financial safety). I am decades her junior and I know that I would never consider any of the choices that she's made. I still can't believe that this is how anyone would choose to live.
I speak of this woman because my two cents is that we are human and bound to make mistakes. Her story is just one of many millions of people losing their homes. However, only those who LEARN from their mistakes will be able to recover. No one put a gun to any borrower's head and forced them into a loan they couldn't afford. They didn't do their homework, read the documents, or misrepresented themselves. Those that lost their home because they were laid off of (truly) ill are a completely different story.
Some will recover and some simply won't either by their own (poor) choice, a lack of opportunity, or a devastating combination of both. But none of us as individuals or grouped should think that we can do the same things over and expect different results.
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