The recession is really hitting hard on most of the families here in the States. If you are not creative and resourceful enough to find new income, expect that you’ll gonna get hit hard too.
My mom in law called us today because there’s a house few miles away from them that is for sale, the actual price (the previous owner purchased) was $600k and the price right now is $200k. The previous owner got evicted because they can’t pay for the mortgage anymore. This is one of the result of the offices that went bankrupt and therefore the employees goes out of job.
Whew. I don’t know what to say. Can you imagine, your life crumbling down in only a blink of an eye? That’s your sweat and blood right there..and it’s gone.
I’m going to let you in on how we live our lives here in the States. When you say, I own a house, that doesn’t mean that, that person bought it in cash (unless you won in a lottery, you have hundreds and thousands of dollars on savings or you’re Bill Gates, Donald Trump and etc), because the truth is, it’s expensive here. So what most of the household do is to get a mortgage loan from a bank to purchase a house.
That mortgage loan (if approved and if you have a good credit report) needs to be paid every month or every payday, depending on your agreement with the bank. Of course mortgage loans does have an APR so it adds up. Now, if you bought a house in big cities like San Francisco Ca, New York, Seattle, Dallas Texas and all big cities; expect that the houses there are expensive.
Then what if all of a sudden you lose your job? Remember that aside from the mortgage, you also need to pay for your car, your house bills, credit card bills, gas and etc.
That is why, the recession that we are experiencing right now is hitting below the belt on most of the middle class family here in the States.
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