How many “For Sale” signs in your neighborhood?
I’m witnessing desparation in an area with the best schools, conveniences, close to major traffic routes to employment, secure, well built, well maintained newer construction homes.
The owners are going back to mom & dad’s or to schools for more education as they can still get $$ for this.
What kind of a life is left after foreclosure for them? Mom & dad aren’t going to make it themselves and we all know the lengths that apply to repayment of education loans today.
Most of these people bought with little down – flex mortgages that work well when housing was doing what it always did. Most had vision to see turning 3-4 times in 12-15 years, banking the profits until there was plenty for a cash purchase of a “dream” home or two.
Who can make money from this disaster?