Mar 20 2007
On home ownership
I was just going throught the news articles on yahoo. I saw this headline -
Houses cheaper than cars in Detroit. Can you imagine a house going for less that $30,000?! my heart goes out to all the people losing their homes to foreclosure. The people who refinanced to get cash to spend, I don’t really feel for but there are so many who are probably losing their homes even though they were frugal and are just going through bad situations like poor health, job losses, or losing a wage earner. It must be heartbreaking for them. I was reading another article some days ago, where they were talking about how some mortgage agents had actually fudged the income statements on many refinances. For example, if some one was earning 2000$ a month, they put in $6000 as the income and got the person qualified for a much higher refinanced loan amount. So many people got increased mortgages on ARMs and these people can no longer make their monthly payments because of the increased interest rates… Bad decisions all around but still heart breaking. It’s not like most of the losers are real estate speculators; most of these people are people like you and me, with children, in the home they’ve been dreaming they will one day own outright. Very sad.
I thought these types of things happened only in India… I guess there is dishonesty everywhere in the world sis…. It’s only that here things are more out in the open…