Study Looks at Foreclosures in Denver
A recent study “Understanding Mortgage Foreclosures in Denver”, conducted by the Office of Economic Development (OED) of the City and County of Denver, confirms what we have known for some time. The rate of houses in our communities going into foreclosure has skyrocketed. Between 2000 and 2006, the number of foreclosure filings in Denver alone increased more than four-fold, from 917 to 4,745.
The OED study provides a wealth of statistics and information. However, it falls short of proposing the definitive solution to the problem. As Americans we are indoctrinated with the assumption that purchasing a home is the safest investment one can make in one’s lifetime. Today that may not always be the case. What is the cause of the current foreclosure crisis in our communities? Is it the fault of predatory lenders? Are the uneducated and financially unaware buyers to blame? I submit that the solution can be found within.
Living within one’s means is an invaluable survival tool in the current economy. An anonymous quote found in the OED study sums up the way this tool is applied to the purchase and financing of real property: “Fall in love with the loan and not the property.” If you are looking to buy another home or investment property, do your homework. Ask questions if you do not understand the paperwork the lender has provided to you. Shop around for a better deal. No one has your best interest at heart more than you.
It is obviously time for Common Interest Communities to think about what foreclosures mean to them. For example, considering a rental restriction might be a good idea as owner-occupied properties are less likely to be foreclosed.
That was pretty fatuous. Fall in love with a loan? Find a better deal than the bogus ones being pushed by the sub-primers?
It is not a right to own a home it is a desire and you must plan to reach that goal.Too many people today confuse what is a right! The USA is the only country that rewards failure and penalizes those that work to succeed.example AMT,subsidize housing,Our country is following the path of selfdestruction with the liberal philosophy preached today. Responsibility and accountability not Government bailouts is the correct way to go.