In several neighborhoods near me, most actual 'single-families' have moved out as Section-8 'families' have moved in. These families consist of 10-15 people who take over a house built to hold maybe 6 people. Typically, once this happens in an area, property values and desirability tend to drop off precipitously. In the areas I'm talking about, the residents are now suddenly and inexplicably facing MS-13 related crimes and graffitti.
It's increasingly difficult for anyone to afford a home on their own without resorting to something like Section-8. Most home loans, even for people with excellent credit, are extremely expensive, even when broken down over a convential 30-year mortgage. Now comes word that lenders are on top of the problem.
The 50 year mortgage has arrived. Isn't this an indicator that maybe homes are just a bit too damn expensive? Of course, this is the nation where every person needs a 5,000 square foot McMansion to feel important, isn't it? Who cares about being in permanent debt as long as we look rich?
Technorati Tags: 50-Year Mortgage, mortgage, real estate, housing, section 8, McMansion, new home, housing bubble, finance
