I really am concerned about the state of the economy right now. I got to thinking about this yesterday because on our local government website they have added a map to all of the foreclosed houses. What really got me thinking is the fact that they only could put on it the houses that went into foreclosure this year, as if they put all the homes that are IN foreclosure they wouldn't all fit on the map. Is that not the saddest thing you've heard in a while?
Now, what got me thinking is what is going to happen to all these homes? Are they all going to sit and do nothing for a long time? Are they going to get sold at rock bottom prices to more people who can't afford to own a home? Are they going to get sold at rock bottom prices to people who think they can buy them and rent them out? Are they going to get sold at all??
As a homeowner none of these is good for me. If they don't get sold, then they bring down my property value as they deter buyers from the area. If they get sold at rock bottom prices, they bring down my property value as it is established by the recent purchase prices in the area. If they are sold to people who can not afford to own a home, are they going to just use it for a short time and then let it go into foreclosure again? If they are sold to someone who is going to rent it out, will the renter maintain the property at the standard that our homeowners association expects? If they aren't sold, is the bank going to maintain the property?
Now luckily for us, we aren't going to more anytime soon. We are pretty solid in our house and the finances to stay here (not saying it's easy, just saying its doable). We locked in at a good mortgage rate and with a fixed rate so we don't have to worry about the ups and downs of the rates.
I realize that many people whose houses went into foreclosure tried hard to keep their property but didn't understand that the various mortgage rates and such could alter the amount they had to pay each year. I realize that many people have lost their jobs and could not afford to pay the mortgage anymore. I get it...
But, I hate the fact that the people who are making it by are still being effected. I hate the fact that yet again the middle class feels the pinch. I hate the fact that the people who are doing it right aren't going to get any help in this crazy economy.
I just wish there were better answers!
(Thanks for listening to me ramble)