When we think of what we consider "wealthy," we also consider "those people" safe from such mundane worries as foreclosure. Indeed, we often think of the wealthy as people who are able to absorb all sorts of economic shocks -- and who have enough money that they do not have to worry about things like the housing market crisis.
The evidence, however, is pointing another way. Those we consider "wealthy" are beginning to see foreclosure problems (Ed McMahon is one of them). Being wealthy doesn't totally exempt you from overextending yourself on a home, and it doesn't protect you from inflation when you are living close to the edge of your resources.
And, of course, housing market problems are affecting home values in wealthy neighborhoods, reports CNN Money:
"What I'm finding is that million dollar plus homes declined 4% or so [over the past 12 months]," said Don Kelly, a spokesman for Zaio, which is building a national data base of home value appraisals.
So, even though it may be foreclosure on a grander scale, the housing market crisis is moving up the economic ladder.
image source: sxc.hu
Many people would look always for an opportunity to move out especially in this economic crisis. Many people's finances have a gap in them that require applying for a payday loan. And we're not the only ones with a gap. The gap in the screening process for the Federal Housing Authority has them saying that they need more employees in order to fill the void. The FDA has been saying that its resources are lacking, to the point that they can't always tell the difference between who is and who isn't a legitimate lender, which could lead to more foreclosures and predatory lending. A federal government job pays well enough that most government employees don't need to worry about getting a payday loan very often, if ever. The talk from the government these days has been a great deal about generating more jobs, and a slew of good paying white-collar work for qualified workers is always a good thing. To read more about the FHA, visit your payday loan source.
Posted by: Carson U. | January 22, 2009 10:58 PM | Permalink to Comment