Housing Epidemic
A home buyer lead came in from the website today.
“I recently lost my home to the forclouser epademic. Do you have any rental homes or homes for sale on contract terms that I may be able to get.”
I’ve heard the current state of the housing market described as a crisis but I’m not buying epidemic. I read the question over a couple more times. I’ve come to the conclusion that this person is probably not meant to be a homeowner… at least not for now.
Many people have gotten in over their head in the last few years with loose lending requirements whereby almost anyone with a pulse could get a home loan. And not everyone is to blame. After all, it is the American Dream to own your own home. How did this happen? Dan Green from The Mortgage Reports (http://www.themortgagereports.com) has a great video that shows you visually what has happened over the last 6 years. Take a few minutes and view Dan’s video. http://www.themortgagereports.com/2008/01/mortgage-video.html
Is it an epidemic? No. It’s a correction. Is it fair? Well, in my opinion, we’re beyond fair. It’s necessary.