The One About The "New Economy" Hitting Home
I pulled out of my garage the other day only to find neighbors gathered in the streets with pitchforks and torches. Not literally mind you, but the feeling? It was more than palpable. You see, the "new" economy has finally touched down in our little suburb. Actually it's more like it crash landed on our street. And folks are scared.
We've been pretty lucky around here actually. We've seen foreclosures, but those have been on the far ends of the spectrum. The middle section of our town has been largely left untouched. Oh sure, homes are not valued at what they once were, but there hasn't been a foreclosure or a sale that gave those numbers any kind of "legs". Until now. Until my neighbor priced his home 13K under average for the area and then sold it for 19K under average. One of the largest homes on the block...19k under average. Now the banks and the powers that be have an actual number to go on. Now the value of our home can be determined by an actual number, not a theoretical one. That number just put at least 5 families on this block upside down in their mortgages. Now everyone on this block has a vested interest in seeing those families succeed.