What's going to happen with the housing crisis?
I recently learned that 75% of Minnesota’s home foreclosures are in St. Paul and 3/4 of those homes are unoccupied house-flipping homes that didn’t flip quite so well. My husband thinks all the houses should be bulldozed down - and I’m really torn on that opinion. I’m a little nervous about all the empty houses in our neighborhood that will likely only grow more run-down and be great havens for increased crime. Empty houses are no good, especially in a neighborhood that’s already pretty high in crime. However, shouldn’t this be the affordable housing that all the people who are losing their homes can move into? It’s such an odd situation and it seems to me that we are headed toward a crisis where there are way more homes than there are people.
Or money. I have a number of friends who own more than one home, and that means they have multiple mortgages. Some of them are in a little trouble and some of them are managing to be successful despite the economy ... they’re finding a niche like home restoration and ‘handy-man’ work, instead of just house-flipping. We actually hired one of these friends to spray enamel our kitchen cupboards. But, we have had some other friends who have had to walk away from their mortgages, sign them over to the bank and take a hit to their credit. It makes me really, really sad and I hope things turn around soon!
Or money. I have a number of friends who own more than one home, and that means they have multiple mortgages. Some of them are in a little trouble and some of them are managing to be successful despite the economy ... they’re finding a niche like home restoration and ‘handy-man’ work, instead of just house-flipping. We actually hired one of these friends to spray enamel our kitchen cupboards. But, we have had some other friends who have had to walk away from their mortgages, sign them over to the bank and take a hit to their credit. It makes me really, really sad and I hope things turn around soon!