One topic in the news that has caught my eye recently is the housing market at the moment. The price of houses have continued to fall at a rapid rate, making it a buyers market, and giving a terrible position to the seller. This is great for some one who is looking to buy a house, but it is very bad for the seller and the realtor. Realtor's across the country are losing their jobs, and the one's who still have their jobs are not making relatively close to what they used to. This is also leading into the increasing rate of foreclosures on home's across America. This is a huge problem for any family across the country, including single parent families, and the lowerclass's trying to make ends meet as it is. The people labeled as "High Risk Borrower's" are the one's who are going first, this in turn will lead to a chain of event's in which the bank's and mortgage companies will eventually lose in the end. This is because of the value of the houses, which most often go up, but will not get even close to it's value from the buyer because of the rapidly decreasing price of housing. Although law makers are trying to straighten this problem out, it is up to the mortgage companies and banks to see it through and get things not back to normal, but in a stronger, less vulnerable position, in which it could never happen again.
-Kyle G
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2 comments:
From what I heard on the news, he mortgage companies are convincing people who can't afford a house that they can.
Anyway, it would seem to me that the government would have some kind of backup funds or preventive measures. I guess we didn't learn enough about this kind of thing during the great depression. The coming years will be interesting ones indeed. Instead of developing technology, we're fixing problems with what we have.
The real estate market always goes threw its patterns of ups and downs. Yes it is downright now and is a great time to buy, but i do not believe it will be down for very long. my father is in the flooring buesness and knows the market well. Should be interesting how it turns out,
Andrew F.
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