This Article is About
housing market
fannie mae
usa today
owning a home
american dream
Housing Market Slow Recovery
Join 1000's of Authors at StreetArticles Today!

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.

Street Talk

No comments present
You May Also Like
Housing Market Of Las Vegas
If you have had your eye on the news, in the past 2 years then you have heard about the failing housing market of Las Vegas. This troubling news may not be as bad as you think, in the words of my Criminal Justice teacher,"Statistics especially those generated by the…
By: PrinceStringer  in  Real Estate   May 12, 2012  
  Likes: 0

Housing Market is Picking Up
After the financial collapse of 2008 much of the real estate that people owned or had a mortgage on was devalued greatly. Many families found that the payments still left on their house were more than it was worth. The real estate bubble hit many families hard. Those who decided…
By: David Schmidt in  Finance  >  Debt Consolidation   Jul 02, 2012  
  Likes: 6

A Forbearance Agreement With Your Lender Might Postpone A Foreclosure
A forbearance agreement is an agreement with your mortgage company to temporarily lessen or to delay your mortgage payments for a specific time period. Forbearance arrangements are typically applied for in the event the home owner can prove an unexpected condition which has brought on a short-term inability to make…
By: Eddy Warren in  Real Estate  >  Foreclosures   Apr 15, 2013  
  Likes: 0

If A Lender Makes A Misrepresentation, Could A Restraining Order Stop A Foreclosure?
The following paragraphs will apply the words “fraud” and “misrepresentation” basically, nonetheless be sure to recognize that these phrases may have widely unique legal interpretations in a number of states. To illustrate, some states have regulations that control debt collection measures which bar certain types of scams and misrepresentations by…
By: Eddy Warren in  Real Estate  >  Foreclosures   Apr 16, 2013  
  Likes: 0

How To Find Foreclosures
Foreclosures are no new thing. In fact, they exist in every market whether distressed or booming. What is unique in today’s market is the sheer number of foreclosures and bank owned homes currently on the market. Let’s face it, the last few years have been brutal for many homeowners and…
By: Thomas MacArthur in  Real Estate  >  Foreclosures   Apr 01, 2011  
  Likes: 0

Wheat Roller Mill Operation And Matters Needing Attention
To begin with, we are a professional manufacturer of wheat roller mill. We can provide spare part equipment of one year and Quality guarantee period of one year. At the same time our company will carry on the lifelong service to our product. If your interest in our product. please…
By: paomo in  Real Estate  >  Foreclosures   Oct 16, 2014  
  Likes: 0

How To Call A Lenders Bluff In A Illinois Foreclosure
Foreclosures should never be an easy act, yet, for some reason, we allow lenders to foreclose without putting up a fight. We live in a society where we are prepared to fight harder for a car than we will for our home. In fact, people will fight harder to prevent…
By: Darren Fish in  Real Estate  >  Foreclosures   Nov 17, 2011  
  Likes: 1

What You Should Know About Las Vegas Short Sales
Short sales are said to be the most complicated processes that you can take if you are in the real estate industry. There are a lot of things that you need to know about it, and you need to make sure that you are going to work well if you…
By: Todd Miller in  Real Estate  >  Foreclosures   Aug 15, 2012  
  Likes: 0

After Salute Phoenix Sports News With Substitute Li Genhao's Goal, the Last Appearance Of the Asian Team to South Korea In the First Round Group Stage
Li Genhao goal after salute Phoenix sports news with substitute Li Genhao's goal, the last appearance of the Asian team to South Korea in the first round group stage draw enemy Russia 1-1. This is military service in 2012 Asian player of the year, after the goal to perfect the…
By: xiaomengmeng in  Real Estate  >  Foreclosures   Aug 22, 2014  
  Likes: 0

Quick Sales And Repossession In the UK
Home owners facing possible repossession understandably feel under the gun and are prone to make costly mistakes. Stress is an understatement and many feel as though their options have run out. But, not all homes that are in the repossession process make it through to the final stage. In fact,…
By: Sonia Allende Garcia  in  Real Estate  >  Foreclosures   Oct 17, 2012  
  Likes: 0

Foreclosures—the Gigantic Illusion
This article will give you the cold hard facts on buying foreclosures. You will be able to avoid some of the pitfalls and take a realistic approach to this type of investing. Periodically, companies advertise real estate foreclosure auctions that result from various liens (real estate taxes, IRS audits, and…
By: Eugene Vollucci in  Real Estate  >  Foreclosures   Dec 04, 2014  
  Likes: 0

In His Eighty - fourth Minute Break, is the First Goal Of Bosnia And Herzegovina National Team In World Cup Finals
Bosnia and Herzegovina 9 Ibievi Wonderful World Cup Official Phoenix sports news Argentina against Bosnia Herzegovina war Bosnia Herzegovina national team, Ibievi created a historic moment, in his eighty-fourth minute break, is the first goal of Bosnia and Herzegovina national team in World Cup finals. After the goal, ybiaevic indulge…
By: xiaomengmeng in  Real Estate  >  Foreclosures   Jul 24, 2014  
  Likes: 0

To Lose Or Keep Your Property
For a lot of individuals, foreclosure is a dirty word that has negative connotations. But there are times when a foreclosure is the only option for certain situations. I don't think anyone buys a home with the intention of ending up in foreclosure but life is unpredictable and unexpected things…
By: Barbara9 in  Real Estate  >  Foreclosures   May 21, 2012  
  Likes: 5

How To Buy Bulk REO
The Bulk REO market is a fascinating world where the numbers can be huge and possible paydays can be big as well. However, to buy Bulk REO packages and play in this world you need to be able to speak the language and follow the rules. That means learning about…
By: Ed Bennett in  Real Estate  >  Foreclosures   Aug 22, 2011  
  Likes: 1

World Cup Stage, But Chinese Fans Of Guangzhou Hengda Star Card But With the Alternative
Conca family appearance at the world cup [related recommendation: Conca: A Badessi favourites because Messi optimistic about Argentina] Phoenix sports news did not reveal himself in the World Cup stage, but Chinese fans of Guangzhou Hengda star card but with the alternative way to participate in the world cup in…
By: xiaomengmeng in  Real Estate  >  Foreclosures   Aug 18, 2014  
  Likes: 0

Article Views: 1320    Report this Article