More walk away from homes, mortgages

Story by Superior Auto Institute /

While the harsh affects of the recession are reducing, many people are beginning to ask themselves, what now? Unemployment has risen, home sales have increased and stocks bounce back and forth every day. Although the harder time of the recession has past and the economy seems to be strengthening, many American’s and economists are doubtful about the future and are finding themselves fretting over whether or not we are setting ourselves up for an even bigger recession in the near future.


Mortgages have made headlines this week showing that many American’s who bought a house and thought they’d be settling into a nice memory making home are wrong. Those who thought they were getting a fair deal in buying house are finding out their payments today are pretty much going out the window.  This leaves many American’s to weigh their futures and at the end of the day many more American’s are choosing to leave their homes to the bank’s than to keep tossing their money away. With mortgages higher than the value of homes, many first time buyers opting for the $8,000 credit are becoming increasingly wary of buying a house at all and more American’s are choosing to rent.


This issue has become a harsh new reality for the housing market, without sales the housing market will seize to flourish in turn setting up our economy for another meltdown, placing American’s back into the position we have been in for the past two years. According to a report giving by Citigroup’s mortgage department many homeowner’s are financially able to make payments just fine but they are still walking away from their homes anyway due to the value.


No one knows to what extent this will all bring the economy too and it will take a huge intervention from the government’s hands to help the housing market get back to normal. Based off a website called 16 million homeowners have turned their homes over to the banks. An expected 17.4 million is for 2010.


While many American’s walk away from the homes they have already built many memories in, other’s are dealing with the harsh factors of unemployment and getting ready to be foreclosed on. Unemployment is up at 10 percent which means a lot of American’s are left at the end of the day with absolutely no income coming in or if they are lucky only one income coming in.


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