The Foreclosures Are Killing My Neighborhood!

I have to admit that The Wells Team has benefited from the sale of foreclosure properties in the North Atlanta area!

At the same time my level of disappointment is increasing with respect to my own neighborhood.

I purchased my home in 2001. This was well before I entered the real estate industry, before the real estate boom and the real estate bubble.

The results: My home is worth less today based on the same model that sold down the street. It was a foreclosure!

We have 342 homes in our neighborhood. At this time there is only 1 active foreclosure but there are two being advertised for foreclosure, and another 3 or 4 personal situations that I know will result in the same.

Yes I admit I feel bad when I see the homes being advertised for sale. It is the result of a failed business, personal issues, or the loss of a job.

However I looked up 5 or 6 homes that I know are in, or will be in foreclosure soon. The numbers killed me! The average loan amount (usually multiple loans) was 122% of the sales price!

This is my personal opinion not the opinion of a real estate professional: My parents both grew up poor. They worked hard and ended up successful. They also saved their money and were cautious when it came to buying unwanted items. They lived within their means! They pushed work and most of all saving my money. What they emphasized to me was this: IF YOU CANNOT AFFORD DO NOT BUY IT! HAVE EMERGENCY MONEY SAVED JUST IN CASE!

As a country we keep trying to point fingers at who caused this housing mess. Again my opinion was bad financial choices and a certain amount of greed.

It will be a while before I will sell my home. Guess I will enjoy instead!