Colonial Barbie
Oops Our Bad: You had a role in this Too. Pointing finger, as the foreclosure pressure increases.
On a typical sunny day in Southern California, I drove down a tree lined street in what was once a bustling middle class suburb. I passed the park on the corner which was my signal to the right. The park was unusually quiet which lent an eerie radiation to the area. I slowed the car to make the turn and immediately noticed the difference. "For sale" signs and announcements Foreclosure seemed sincerely stand against the backdrop of manicured lawns and colonial homes. The signs seemed to shout what headlines had already declared – there is a crisis in the U.S. housing market.
Throughout country, the rate of foreclosures has increased dramatically. Analysts and professionals have all weighed in their expert opinion often attributing the crisis to the natural law of "market corrections" and uncertain economic times. However, the admission that no one seems willing to make is that we in this mess because of greed and ignorance.
Professionals industry share a common goal and that is to make money. It was not enough houses to sell to consumers who could qualify for a mortgage and were financially willing to own a home. Such sales had been made. So the industry "relaxed" its lending standards to expand home ownership to a wider market. The plan, the surface, worked perfectly for many years. The industry turned to helping the less fortunate fulfill their starry eyed dreams of homeownership. In return for their good wishes, risky borrowers fueled the growth of the subprime mortgage industry from $ 150 billion in 2000 to $ 650 billion in 2005.
Caught in this modern gold rush, the "Everyman" people seeking a better future with a real estate license. People who had waited tables, flipped burgers and washed cars for a living last year were now selling homes worth more than their previous salary. Many of these people who sold "the dream" do not themselves own a house and were powerless to inform buyers about making the smartest purchase. Unfortunately, this also applies to many lending offices. Buying a home is the largest investment most will ever make that trip many names with "professionals" not an idea what it was about.
Ah, but consumers are not completely off the hook for their role in this crisis. Greed not only drove the industry to more borrowers find but also drove consumer and mortgage loan terms that are unreasonable to accept notes. Greed and the need to cut turning the American dream into the American nightmare. Even Barbie has a dream home and every American wants their 40 acres and a mule. Nobody talked about the responsibility of having that property. Buyers do not read the fine print on their loan packages, nor do they fully take in that the grass in suburbia should be watered to stay green. Greed and ignorance are never a good combination and that is clearly visible in the market today.
The fiery sales pitches do not include a course on the ups and downs of home ownership. Rewards were presented and risks were barely mentioned. Deals were quickly close with handshakes and smiles as if life was always good. The good feelings spilled over into the traditional market. Homeowners up "starter" houses sold in the more expensive mortgages often take advantage of the many creative financing terms, such as adjustable rate mortgages or interest only loan.
Industry and consumers have benefited from a bit of pessimism. We could have used a Paul Revere shouting in our ears that are not always good times roll. As we now know, the bad times seemed to roll with an unbridled fury – the dot com bubble burst, the 9 / 11 terrorist attacks brought the economy to a standstill, interest grew, we went to war, interest rates rose again we were beaten by devastating hurricanes in the Gulf region, the economy worsened, unemployment increased and on and on it goes. Not the normal ups and downs of life call, such as layoffs, a health problem or a roof to be repaired.
No one can with any degree of certainty predict the future. Real estate professionals must help potential homeowners do a comprehensive assessment including how they cope with their mortgage if their financial situation changed. Professionals can no longer sell adjustable rates mortgages (arms) with abandon on the basis of interest rates low. Many borrowers are now in foreclosure because of weapons. Agents have to raise, so they can educate borrowers. This is not happening today. On the other hand, borrowers should first read and ask questions before they sign on the dotted line. The real two to tango and pointing finger is not going to solve the problem.
The mortgage industry must also realize that everyone is not your target market. Successful companies thrive by targeting an "ideal customer "in an alcove. Trying to make mortgages work for the world could only result in disaster. The industry should define a clear target and develop products for that market.
Industry should also help some borrowers delay buying a home until they are ready. We can not stress enough financial education. Cadillac Escalades, Mercedes and Range Rovers are not mandatory for the new garage. How about a savings plan so you are prepared for home repairs and other emergencies? New homeowners must first get acquainted with their new investments and take it for a spin before they invest in spinning rims on a hunk of metal that they can not go home call.
In fact, home ownership is not for everyone. Owning a home is a privilege not a right. Not everyone is willing to provide financial and emotional responsibilities that the Owning a home and some folk should just be turned away handle. If a test required for home ownership, many would have failed miserably. Oh my bad, there is a test and it is the "qualifying for a mortgage" test. Yet lenders bent the rules so that students can pass slow.
In the short term, there may be fewer houses to sell and fewer loans to be written, but in the long term buyers and sellers of the dream will benefit both. Real Estate Professionals accept that responsibility is not only a good thing, but more of it. After all the foundation of sales and marketing to the buyers needs, rather than pitching your features and benefits. Real estate professionals who accept their role as educators are probably a greater response from consumers to receive. Professionals must be willing to partner with their customers, even if that means selling them a smaller mortgage or to encourage them to postpone their buying decision until their financial house in order.
Industry must also demand more of its professionals. Not everyone who has an exam qualified to work in industry. If you sell a customer a suit that does not fit they can back, but selling a customer a bad mortgage is not something they can return. We should not be so light that a house is not just a sale, but the place where people put their heads at night. A bad deal can literally anyone on the street.
In turn, consumers should demand more of the property. Borrowers do not need to borrow experts, but must be prepared to follow the right questions. A borrower should know their credit score and understand where that place them in the traditional market. All loan options should be thoroughly investigated including the fine print. If offered a teaser rate or other adjustable product, you must understand when and how that percentage ends will impact your monthly payment. Not on an adjustable mortgage on the ground that you can refinance later, this may not always be possible. Many borrowers bought into this assumption only to find that when housing prices fell and interest rates rose, they were not eligible for a mortgage large enough to cover the old balance or can not afford The penalty interest is often associated with sub-prime mortgages.
We will never eliminate foreclosures or missed mortgage payments, but when consumers and the industry works together we can certainly help many avoid a fate that is all too common.
Stay tuned, the foreclosure issue is heating up and will one to watch in the future. Continue informed and do not forget to listen to Butch Grimes, KTYM at 1460am to 6:00 pm every Monday night. He can be reached at 323-750-3690 ext 236 or e-mail info@wetalkrealestate.com.
Copyright © 2005 Butch Grimes, We Real Estate Talk, All Rights Reserved
WE TALK REAL ESTATE with Butch GRIMES ® is a registered trademark of "We're talking Real Estate. The articles, logos and designs are trademarks or service marks of "We talk Real Estate" and may not be copied, used or reproduced without the prior written permission from Butch Grimes.
About the Author
Butch Grimes is a nationally known Real Estate Expert. He has received commendations throughout California and nationwide for his contributions to the real estate industry and local community. To learn more about Grimes, visit
http://www.WeTalkRealEstate.com
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Where are the best places to get costumes Francisco, New York and San?
I'm considering a few of the following Halloween costumes: – Kim Novak in Hitchcock Vertigo http://worldnews.net.in/wp-content/uploads/2010/09/kim-novak1.jpg (* needs platinum blonde wig) – Cowgirl (preferably with a revealing dress pants) – Marilyn Monroe (W / Monroe wig) – Barbie (again, wig needed – tall, blond, straight) – Colonial – Renaissance * I would like to buy the lowest of the wigs would go with the outfit * The costume I just wish to rent in New York I would prefer costume shops in or around Manhattan – Fran somewhere central. San Cheers.
You can buy a dress for about $ 20 Marilyn – $ 30 probably the same price as you can rent.
Spiderman over dramatic beat down from barbie round 2
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