One More Point of View on the National Real Estate Woes
Feb 11th 2008
Categories: As Heard on the Street, Foreclosures, Real Estate News
hiLately, a lot of articles, interviews & blogs have been written on solutions to fix our real estate woes. Here is an interesting one from Inman News. The main theme is to help ailing homeowners that are suffering with adjustable mortgage rates…which may not be the real answer.
There seems to be a couple of ideas that I am surprised have not made it to the mainstream 
media.
- The banks should make it easier to purchase foreclosure properties. If any of you out there have attempted to make an offer on a short sale or a foreclosure…it can be a nightmare process. Some banks take up to six weeks or more to accept a purchase offer. The banks need to cut the red tape & make these properties more accessible to Buyers. Banks are hiring Realtors to find Buyers, but make the qualified Buyers & their Realtors jump through hoops of fire to make the sale.
- I personally, believe that we cannot bail out every homeowner that cannot pay their mortgage. What I do believe should happen is that if you sell your home at a legitimate loss, then the government should consider making these losses an additional tax write-off or credit of some sort to offset your loss.
- The key is SAVINGS! It is a simple concept! Generations before us worked hard & saved money. Our elders did not live on credit cards & 100% financing. Certainly in past generations a home was not considered your personal piggy bank. Owning a home is the American Dream, not the American Right. We have to instill in all Americans to save for a home, to save for retirement & to save for security. The federal government should reward those of us that save our monies, because when times are tough, those of us with savings can truly stimulate the economy.
Well that just my two cents! Hopefully we will do our part by making 2008 the year in which we save a little more for the rainy days to come! Good Luck to us all!
Well put! I lived in the UK for many years and when we first moved back the the US I was shocked at the Rooms To Go ads, the thought that people accepted the “Why wait, buy it now on credit” mentality as perfectly normal. Well it is not normal in any other society I ever lived or worked in. We have turned the concept of want into the concept of need. None of us need a walk-in closet to house all of our clothes or shoes we never wear, or a $5 dollar mocha loca latte from Starbucks each morning. What we need is a little self control, and a lot more common sense!
Dona, I agree with you. I often worry about the message our “credit-loving” society teaches our kids.
This is so true.
OUr kids have no concept of the true value of things.
Like time spent with each-other verse time to entertain each-other. We need to go back to basic.
When I was a child, we went to pick mushrooms and danderlions leaves if there was nothing to eat at home. My father would not have dreamed of borrowing money or using a credit card, and yet I am ashamed to say that I am one of those realtors that is living on credit. It is about time that I go back to my roots.
Thank you Eelilah.