It May Be A Good Time For Buying Real Estate But........

I was just watching a news segment about how people were able to buy property at well below the market value of the property. For instance one family bought a home for around $175k but the house was appraised at $250k!

In the interview one of the family members said how they knew that the home was a foreclosure and that while they felt sorry for the people that lost their home, they felt that "their loss was their gain".

I really don't agree with this though because there are just too many people losing their homes to foreclosure! And while this particular news story talked about who was able to buy the home, they didn't mention anything about who it was that lost the home in the first place!

On a more positive note I saw on one of the public access channels that there is a grassroots organization in Philadelphia that is helping people who are being faced with foreclosure. They are staging some kind of anti-eviction campaign where they will try to help the homeowners stay in their homes. (Hopefully if I find out more about this organization, I will post more about them here.)

Will The New Stimulus Bill Help?

I just got finished listening to news reports explaining what this new stimulus package is supposed to do to help homeowners. It looks to me that this new bill is going to help the banks more than it is going to help the people - especially the people who are now losing their homes to foreclosure.

I just can't understand why the President of the United States just can't put a moratorium on home foreclosures for say at least 5 years! Hilary Clinton, when she was a Senator, was able to do this so why can't Barack Obama be able to do the same thing on a larger scale? How much more relaxed and stress-free would it make people feel if the constant worry of losing their home was abated for a few years? Surely this could do nothing but help!

Clearly the banks are getting a lot of money and so is the auto industry!

I also took a look at the income tax booklet for this year and it just seems more complicated than ever!