How many American families are facing foreclosure?
Question:
Answer:
Not me, but I try to be an educated buyer. Actually, scrap that, I am an educated buyer. I spend far less on the mortgage for my home than the market has dictated for rents.
It is not an accident. I made smart decisions and was willing to work hard for it.
The foreclosure rate on private homes in America is at the highest rate it has been in history.
Anything that decreases the stability of a child's life inherently effects their education.
What education? crap, even if they could still afford their mortgage with living expenses and keep their heads above water with taxation, interest rates, and the legalized shake down of health care insurance,
is there any left to save for anyone's kids anymore?
please.
I know we have a nice house, a good interest rate, are making "middle class" in America,
But we can't dream of going on a nice vacation or saving anything for college any time soon,
we are like the majority of Americans today: living paycheck by paycheck with every penny accounted for and anything you want extra has to go on credit: negative money.
>>>>>>>
dark angel: Sorry about this really long post,
this has nothing to do with the subject,
but I think you can tell how many people avoided this question.
I think most here are very young, aren't home owners, don't have children,
or are in fact going through hard financial times and don't want to answer it.
No telling. But if your implying that the number of foreclosures are because of the economy your wrong.
Many if not most of these foreclosures are because of the high risk mortgages that banks began taking on, lending to people that can't even budget their grocery money, not to mention so many people buying stupidly.
Getting approved for a 250K home does not mean it's a good idea.
The trick is not to live within your means but below your means.
I forget the exact number but the answer is a lot! And soon to be many more.
"I spend far less on the mortgage for my home than the market has dictated for rents."
Everyone spends less on a mortgage than they would on rent; lower monthly costs are one advantage of buying a home.
Check the March 22 issue of The Economist (at the library) for a very good article about the US housing market.
Guess for those who didn't research their mortgage and were gullible enough to overextend themselves, (That personal responsibility thing) So lets Blame Bush for them not being fiscal responsible..maybe there is a new entitlement program in here...
It's fiscal darwinism.
Bad loans and uninformed buyers make for increased foreclosures.
In my area NAFTA is a huge contributor of foreclosures.
Almost half of the homes in my neighborhood are for sale due to foreclosures.
The children need to learn more foreign languages so they can get decent jobs... abroad.
Here's a decent article on the current foreclosure rate in America.
http://www.consumeraffairs.com/news04/20...
I think damage to children's education is a non sequitur. If anything, it will increase their [the children's] chances of a quality education because the parents will qualify for pell grants OR they'll be able to save up money after being released from that pesky house payment.
Foreclosures happen when a lendee no longer pays the mortgage, irrespective of the reason.
1. Foreclosure is not new. It has been going on for decades.
2. Education of the children does not have to be impacted by foreclosure. People move all the time for lots of reasons. It comes down to how the parents handle the events.
3. Losing the ownership of a home does not mean that the family has no where to live. Many can live in very nice rental accommodations after a foreclosure. What happened is the house became more than they can afford. In many cases the family still has a good income. Just not the income to continue to make the house payments. They can downscale their housing costs. It might mean a better school situation if they move to a better area.
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