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Housing Market Slow Recovery
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Housing Market Slow Recovery

This is Unbelievable!

I recently read some information about the housing market that was very disturbing to say the least. An article written in USA Today written by Julie Schmit recently regarding the time it would take in different states for the housing market to reach any kind of recovery from the foreclosure mess. If you live in the states of New Jersey, New York, Washington D.C or Maryland it may take 20 to 30 years for recovery. Can you imagine the that amount of time especially to people in their fifties or older. The backlog in foreclosuress is the reason. These states use the courts to file foreclosures through and the backlog is so great because the many of the banks did not file the proper documents and these filings will have to be done all over again properly.

New filing rules have been put in place but that means that thousands of homes that have already have been sitting there for months on end will sit there even longer just rapidly going into more disrepair as time goes on. Many of these homes have been stripped by disgruntled owners before they left and with mortgage's harder to obtain and the economy has bad as it is other homes in these neighborhoods values will go down as well.

The above states are not unique that are facing this problem I would call the bottomless pit of foreclosures. Maine, Illinois and Florida are also facing the same problem as the courts are overflowing with these filings. Will will ever see the end of this terrible nightmare. It is getting to the point now where people are walking away from home owning and renting instead. Owning a home was once the big American dream and a secure way to accrue wealth but that seems not to be the case for many Americans today

. Many blame Fannie Mae and Freddie Mac for putting pressure on the banks to give mortgages to people who could not afford them and others blame the banks for allowing people to qualify for adjustable mortgages that were way beyond their means. Everyone is pointing the fingers. Others are blaming the homeowners themselves for getting into loans they knew they couldn't handle and not reading the loan terms especially the flexible rates they knew may be coming up ahead. Myself I believe everyone involved can share the blame but the folks who were sensiable and bought within their means and are responsible homeowners are paying the price as well.

We have to learn to be responsible for ourselves and know what we can afford and plan for job lost and illness which is part of life. Not everyone can have a big expensive home, new cars and luxury lifestyle without the income that will accompany it. I had to settle for a really small space because I live in a high priced community where there are jobs but it is very costly to live. Sure I would love more space and a big yard but I knew if either my husband or myself lost our job we would be in big trouble.

I am now trying to start a business as an affiliate marketer it takes a lot of work and you have to get involved with the right company that doesn't try to force you into buying products you don't need or can't afford. I am starting slowly, learning all that I can and have good support and training. No one is calling me or forcing me to spend what I don't have and I can go at my own pace that is when you know you are involved with an ethical group of people. I wasn't promised to make a million dollars by sitting on my tail doing nothing either, which you should realize is not going to happen, everything takes work and time. I do feel sorry for anyone who loses their home and I believe this mess could have been prevented long ago with regulation and honest people not trying to make a killing off of others but here we are and it looks like it will take years to straightened out this foreclosure hurricane.


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