I just read an article in the Wall Street Journal
Not everybody should own a home.
and it started with
Maybe only a friendly foreigner could say this. But America needs to realize
This is what I have to say in response
There is a lot of truth to what you are saying, but please take it from another friendly foreigner; it is not the whole truth. I am German and therefore I was brought up with different values (if you want something you have to save money for it before you can buy it, a credit card or loans of everything is just not an option) Anyway, I live in Florida St. Petersburg and work as a Realtor. Just to give ONE example of what I see here in St. Pete day in and day out. Family of 3 with a special needs child bought a home for $125,000 about 7 years ago with a down payment of 40% made each mortgage payment in time, wife got laid of because of the economy, husband got sick (of course inefficient health insurance) and the bills stacked up. Responsible as he is and wanting to pay his bills, he took out a second mortgage on the house which had doubled in value over the last few years. Long story short, wife has a part time job now, husband is still ill and the care for their child eats up a lot of money… . . . . Yes, as you might guess, their home is now listed as a short sale, a house that at one point could have sold for about $250,000
Is this example an exemption ? Trust me, we have a lot of people that are responsible citizens and want to make their payments, did not lie on the mortgage application and spend their money responsible. I talked to a German banker about the mortgage mess we have in the US the other day and he said, We are not too concerned, it is a mess, but if any country can get out of it, it is America, “you guys have the spirit and the right attitude.” Like I said, America is not perfect but than again, which country is?
America will roll up their sleeves and we will solve the problem.
So, All I want to know from you guys on Active rain is, will we get it done one way or the other or are we going down big time?
Can we afford a negative attitude?