From Steven Landsburgh:
None of these foreclosed houses is going to disappear. After a foreclosure, one family moves out, and another moves in. We see the sad faces of the people moving out, but we don't as often see the happy faces of the new homeowners moving in. Nevertheless, those happy faces are out there, and we should not discount them.
As a mortgage broker, I totally agree with what you say in the post. I have been helping people getting into houses in the last few months that they would not have been able to afford otherwise. As for the people loosing them, it really is a huge financial upset which many times runs over the family life creating additional drama. Hopefully, the people loosing their homes will learn about taking personal responsibility when applying for a long and understanding that nobody is going to take for their interest as much as they will. They may also understand that the extra room or the nice location won't give them as much peace of mind as knowing that they can make the monthly payments in a comfortable way.
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