Repo Homes - The Current Real Estate Crisis
There is no doubt that you have either been touched by the current foreclosure crisis or that you know someone that has been affected by it. More and more people from all walks of life and all statures are falling behind and before you know it they are evicted from the home they lived in for years.
Homes have been repossessed from lower class folk and foreclosure has also befallen celebrities and people who actually are millionaires. Sports figures, musicians and starts of television and screen have all become part of the growing statistics.
While the real estate market is sagging and the people across this great nation are losing the abodes that they have owned, many of them for 15 or more years and a good many of these people are having this happen through no fault of their own there is one thing that is looking brighter.
People that have never been able to afford a home, people that have been renting and putting money aside to someday purchase a house and live the American dream are finding things more within reach during this time. Home values have dropped and in some cases these houses have lost 50 and even 60 percent of the value they were at only a year ago.
So the family that was never able to afford to buy a house. The people that might have a nest egg built can now actually buy homes. I know of a three-bedroom home just down the block from where I live just sold for thirty-two thousand dollars and since there are incentives, they actually got an eight thousand dollar check cut back to them at the closing.
I met the family that bought that repo home. They had twenty thousand in a savings account and they borrowed the rest from his father. They now own a home free and clear that before this crisis was appraised at over one hundred grand.
These people are on the happy end of the stories that you hear today unlike the people that used to live there who are now living in a rented home across town and trying hard just to keep food on the table since he lost his job which is what caused this whole problem for them to begin with.
The crisis is not about numbers it is about people. It is about real people and the stories of the real lives that have been affected by the current state of world affairs.
