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 photo credit: statPaige
We all want to own a home, but with the recession in full bloom we all know it may be harder than it was in the past. However, should it have been such an easy thing in the first place? We are seeing tighter loan restrictions, but the thing that got us into this mess in the first place was loose restrictions or no restrictions at all. People with no real proof of income and with exceedingly poor credit were given loans like it was candy, and when those people couldnt pay their mortgages in droves, our market crashed.
Dont you just hate it when people say, "back in the old days?" Guess what, back in the old days, you had to have more of an interest in this massive purchase. You had to have a substantial down payment, which meant you had an actual interest in the home. You put your own sweat and hard earned cash into it. We all know that when you buy something yourself you have a greater interest in sustaining it, making sure you keep it up and keep making your payments.
We are all in a panic mode, but maybe we are simply taking a step backwards to take a giant step forward. There are some things that the "old days" can teach us. One of those lessons may very well be responsibility. Just a few years ago, we all loved a system that let us be irresponsible and do as we please. Now we feel a bit indignant because someone is making us pay our bills and not letting us get into a bill that we cant afford. I could be wrong, and maybe I am, but I think those ARM loans and loose restrictions were reckless and seemed like a bunch of snake oil salesmen were pushing them on people excited to be getting into a home. By the way, Im not trying to move the responsibility off the people who signed the papers, we all get to make our own decisions.
Read the full story form RealtorMag
Posted on September 10, 2010 12:52:25 by  IPTV.Boyz
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