Yes, indeed, the real estate and mortgage meltdown did have a crushing impact on the United States economy. No one knows that better than me.
During the time of the real estate industry collapse, my husband worked for a company that did marketing for both the real estate and automotive industries – perhaps the two worst industries you could be involved in at that particular time. Within two years, the company went from being on the illustrious Inc Magazine “Top 500 Fastest-Growing Companies” to being completely out of business. The fall was swift and difficult for us, as it took several months for my husband to find a job; and that job was not on par with the one at his old company.
Lenders were giving out money like candy. Radio and television commercials touted the ability to get the property (properties) of your dreams. Back-loaded mortgages offered unbelievably low interest rates and monthly payments to individuals and couples looking to buy real estate. There were countless people who had no business making such purchases who purchased property well beyond their means. Their feelings of excitement at being able to own …show more content…
The old saying “those who do not learn from history are doomed to repeat it” is absolutely true. It is my hope that people wishing to purchase property learn from the mistakes of those who made some major ones not so long ago. I hope they do not become tempted to purchase something that is beyond their financial means; and if they simply are not yet in a financial position to purchase real estate, they should wait until they can – and be content renting property until that time comes. Additionally, as things continue to improve, it is imperative that real estate lending institutions do not go back to the late 2000s practice of irresponsibly loaning huge sums of money who don’t have the means to repay it – and the mortgage companies should not offer balloon mortgages. These are the ways our country got in
During the time of the real estate industry collapse, my husband worked for a company that did marketing for both the real estate and automotive industries – perhaps the two worst industries you could be involved in at that particular time. Within two years, the company went from being on the illustrious Inc Magazine “Top 500 Fastest-Growing Companies” to being completely out of business. The fall was swift and difficult for us, as it took several months for my husband to find a job; and that job was not on par with the one at his old company.
Lenders were giving out money like candy. Radio and television commercials touted the ability to get the property (properties) of your dreams. Back-loaded mortgages offered unbelievably low interest rates and monthly payments to individuals and couples looking to buy real estate. There were countless people who had no business making such purchases who purchased property well beyond their means. Their feelings of excitement at being able to own …show more content…
The old saying “those who do not learn from history are doomed to repeat it” is absolutely true. It is my hope that people wishing to purchase property learn from the mistakes of those who made some major ones not so long ago. I hope they do not become tempted to purchase something that is beyond their financial means; and if they simply are not yet in a financial position to purchase real estate, they should wait until they can – and be content renting property until that time comes. Additionally, as things continue to improve, it is imperative that real estate lending institutions do not go back to the late 2000s practice of irresponsibly loaning huge sums of money who don’t have the means to repay it – and the mortgage companies should not offer balloon mortgages. These are the ways our country got in