Has anyone looked on www.realtor.com lately? Go there and type in Detroit, MI and see what $1 will get you. I saw this last week on Yahoo news and couldn't believe it. There are houses and property selling for $1. They are mostly, if not all, bank owned and sold "as is."
I can't imagine what the neighborhoods must look like. Boarded up houses, unkept yards. It must be very depressing. It would be so nice to have someone come in and buy up all or most of the houses and repair them, sell them at a reasonable price and let the people back in their homes. Wouldn't that be something to see? But sadly I don't see that happening. More than likely these homes will continue to sit empty and over time will simply fall apart. Neighborhoods that once sported young families will continue to sit in disarray.
That is just a small example of what is going on all over the country. Folks were given loans for houses they couldn't afford. The banks and lending institutions encouraged mortgages that a family thought they could afford, that is until the interest rate ballooned forcing many many families out of their homes. Now, I realize that every consumer should know what they are signing, read all of the contract prior to signing and educate themselves before the purchase of a home but not everyone does that.
Before Joe and I bought our first home I went to the local bank and sat down with a loan officer and told her that I needed to know everything about buying a house. I found out and quickly got upset with Fannie Mae. I had no clue who or what Fannie Mae was and actually told the woman that I wanted to talk to her. Fannie Mae that is. OK, you can stop laughing at me now. The point is that I found out what I needed to know. But I didn't know everything. Far from it. I trusted my banker and my realtor to educate me further.
So where were the loan officers and realtors when these folks were buying their homes? Has the world sunk so low that no one cares about anyone but themselves anymore? Apparently in the world of banking and realty that is the case. Now I'm not saying that every banker and every realtor is this way but there were enough involved a few years back to give people loans that they knew they would not be able to afford eventually.
It's just not right.