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Foreclosure Round Two. Have we learned nothing from the past debacle?

Foreclosure Round Two. Have we learned nothing from the past debacle?In Coweta County Georgia, we are starting to see some houses listed as short sales and REO and HUD sales for the SECOND time in the last few years.

How did this happen? Did we learn nothing from the past? Have year after year of buyer incentives and continued low down payments completely eroded the fundamental concept of ownership?

True ownership involves skin in the game. It is too easy to just walk away and there are fewer and fewer consequences with each passing month. And yet the clamoring continues for easing mortgage qualification requirements.

Leverage has toppled the market. The notion of only losing OPM has created economic chaos.

Call me simple-minded, but I will always feel that people will act more responsible when THEIR money is at risk.

The madness will not end until attitudes do as well.

 

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Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos. Photos of Coweta County GA and photos of Fayette County GA.

Comment balloon 18 commentsRichard Weisser • February 25 2012 05:29AM
Foreclosure Round Two. Have we learned nothing from the past debacle?
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