The Foreclosure Crisis : A Strong Method Of Growth Essay

813 Words Nov 18th, 2014 4 Pages
The horrid foreclosure crisis that many homebuyers experienced several years ago changed the course of the housing market as we know it. A lot of working families had to make adjustments by downsizing, and leaving their homes behind in order to provide and maintain secure shelter. Even though there was a shortage in the home purchasing market during that time, the rental market took on a new surplus. The rental market had both positive and negative aspects. The good thing about the rental properties is that they are typically more cost efficient, easier to maintain and more lenient with credit disparities when trying to move in. However, rental properties are just that rental properties, someone else owns them. Usually, there is no credit building aspect with rentals, and you cannot draw equity from them. Those factors can cause discouragement for residents /tenants that may have been victims of the foreclosure crisis. In order to provide a light at the end of this tunnel, “there needs to be a strong method of growth”.
The American way teaches us that, “if we work hard we will be successful”. Many people view themselves successful when they obtain a degree, are financially stable, and own their own property. Without the option to own a home this idea of success is limited. The rent to own option that has recently swept the nation is providing a beacon of hope. Homebuyers are now having the option to utilize their rental payments towards the purchase of that property. This…

Related Documents