Essay on The Foreclosure Crisis Of The United States

811 Words Oct 24th, 2014 4 Pages
The foreclosure crisis that our nation experienced at the end of the last decade has had countless, far reaching effects on so many American consumers. Many buyers defaulted on mortgages, from young, first-time homebuyers to experienced homeowners. Many of these people should have never qualified for a mortgage in the first place. Regulations were loose and many mortgage companies were specializing in 100% financing, no-doc loans. That, coupled with the outrageous prices of homes being driven up by bidding wars really had a huge impact on what people were buying being so far out of their ideal price range. People were suddenly buying homes they could not afford because not only were prices out of control, but they were led to believe it was possible. Many people in our country also lost their jobs due to the recession, which led to people who had owned their home prior to 2004 to lose their home in foreclosure as well. The decline of the auto industry, the problems in the banking industry and the overall economic standing of the United States have had a huge impact on the real estate market.
At the time, I was employed as a Real Estate processor in Southern, NJ, which was one of the hardest hit areas in my local region. Our firm, along with many other brokerages across the county, began to specialize in pre-foreclosure sales and REO (bank-owned) property sales. Many of our Clients were distraught, desperate and frantic in their attempts to avoid foreclosure. In most cases,…

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