The horrid foreclosure crisis that many homebuyers experienced several years ago changed the course of the housing market as we know it. A lot of working families had to make adjustments by downsizing, and leaving their homes behind in order to provide and maintain secure shelter. Even though there was a shortage in the home purchasing market during that time, the rental market took on a new surplus. The rental market had both positive and negative aspects. The good thing about the rental properties is that they are typically more cost efficient, easier to maintain and more lenient with credit disparities when trying to move in. However, rental properties are just that rental properties, someone else owns them. Usually, there is no credit building aspect with rentals, and you cannot draw equity from them. Those factors can cause discouragement for residents /tenants that may have been victims of the foreclosure crisis. In order to provide a light at the end of this tunnel, “there needs to be a strong method of growth”.
The American way teaches us that, “if we work hard we will be successful”. Many people …show more content…
This should never be a hasty process or inappropriately planned. There are many factors consider that some people miss related to the excitement of a new home. During the foreclosure crisis many homebuyers purchased mortgages with adjustable rates instead of fixed rates, and when the economy took a turn for the worst their mortgage payments sky rocketed. Even though the economy, housing commission, banks were the causative factors for that happening, that blame could not be shared alone. Respectfully said, to all those that this occurred and were deeply affected by it, they too share this blame. Whoever, signs a contract is responsible for knowing everything inside it and what it means. A lot of times out of excitement and emotion of any kind this concept is easily
The American way teaches us that, “if we work hard we will be successful”. Many people …show more content…
This should never be a hasty process or inappropriately planned. There are many factors consider that some people miss related to the excitement of a new home. During the foreclosure crisis many homebuyers purchased mortgages with adjustable rates instead of fixed rates, and when the economy took a turn for the worst their mortgage payments sky rocketed. Even though the economy, housing commission, banks were the causative factors for that happening, that blame could not be shared alone. Respectfully said, to all those that this occurred and were deeply affected by it, they too share this blame. Whoever, signs a contract is responsible for knowing everything inside it and what it means. A lot of times out of excitement and emotion of any kind this concept is easily