WASHINGTON (Xinhua)– U.S. home builders increased significantly their projects in September, but housing permits dropped in the month, adding a mixed picture to the struggling housing market, the Commerce Department said Wednesday.
For September, U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 658,000, 15.0 percent above the revised estimate for August 2011, and is 10.2 percent above the level of September 2010.
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July 23, 2009 |
Finance |
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As far as property foreclosures are concerned, it is apparent that many are having their way with regards to this area of concern. Borrowers are failing to come up with the finances to live up to their financial obligation and apparently this has become an opening for some people to prey on the issue at hand, trying to make a living by placing the financially disabled in a spot where they most likely know the outcome.
A lot of this has to do with crooked and raw regulations that have forced people to succumb to the demands of lenders. If only it was a matter of interest rates or premium settlement, then perhaps there could be a feasible solution to the matter. Apparently that is not the case. The financial vultures are flying high and waiting to peck on the foreclosure bubble which is growing by the day.
There are laws now in effect which should protect borrowers from being abused by lenders. While a business venture in this respect has become opportunity for most, it has its shares of issues conflicting the interest of the human concern. And while many people who never saw the financial bug coming are desperately seeking aid and money sources, the presence of such vultures preying on their properties is not helping at all.
But now with guidelines set forth in various regions such as the UK (which hopefully will become a benchmark for other government and legal groups), some order may be seen soon. This is not entirely to save the financially distressed but rather to safeguard and perform just cause for the people who are already in a big mess financially.
Prior to these laws, there was no direction. People lacked the knowledge or the runarounds regarding their current state. But now, they are well-versed and hopefully at some given point, refreshed of their right on their properties, paid up or not. In short, there will be no more shortcuts or cheap shots. There will be a system put into place and that alone can be fair for the borrower-lender relationship.
Hence, the effects of these laws may not be immediately felt. But given time, everything is expected to be ironed out and be of service to all parties concerned. The number of foreclosures and people losing their properties are growing and with the economy still in its current state, the final verdict on the system and coverage of lender should more or less be sanctioned by that time. Hopefully it is not too late.
These days, people are trying to stay away from taking a loan with banks due to the hard times. With that said, banks are showing considerable decline in loans and this can be seen from the previous months where most of them have encountered up to a 20% decline in loan applications. Can you blame consumers?
People today have to be wise. If you are taking out a loan, make sure you can really pay the monthly amortization rather than face foreclosure. If that was the case, it is similar to giving the bank the payment and the property or asset in the long run. So if that is the scenario, why would anyone want to risk taking out a loan?
Surely, banks are not spared from the crisis. And from the looks of it, unless things look up as far as jobs, employment and career is concerned, we cannot discount the fact that people will tighten their belts in the faces of this financial crisis. You just have to live wiser and choose the investments you will be making. Otherwise, you are just digging a deeper hole and adding to your personal survival problems.
[tags]survival_problems, loan_applications, financial_crisis, amortization, foreclosure, decline, banks, investments, consumers, loans, jobs[/tags]
