On Housing and Mortgages

I would LOVE to move.

It would be awesome to have a home with more space, “real” closets (as opposed to our imaginary ones), a garage (at LEAST one-car, preferably two), more than one postage stamp-sized bath, a sunroom or an open out onto patio area … I could go on and on and on. In many cases, I’m sure you could, too.

It’s just that getting those things would require selling This D*mn House, taking on a mortgage again – and considerably larger than the one I paid off a few years ago – and a highly elevated rate of taxes and homeowner’s. I wouldn’t be hot for that plan in a good economy, but in an uncertain one? Yeah. We’re staying put.

Even with all the daunting work ahead, work that won't net any of the things I so long for listed above ... Funny. We’re not alone. There was an article in the Chicago Tribune last week talking about how redoing is far outpacing relocating. For many folks making that choice, it’s the state of the housing industry. And no wonder!

I couldn’t believe that there are currently more than 2.2 million homes more than 90 days behind on the mortgages. Add to that, that it can take almost two years between the time of foreclosure and time of actually vacating the premises. Two years.

Not that I’m faulting the people. So many have lost their jobs in recent years, you can’t help but sympathize. You’d think those numbers would be daunting enough that banks would want to work with people to keep them in their homes. I mean, almost two years rent-free and then who knows how long on the market and at what loss? (Sometimes people gut homes after foreclosure; I saw one recently and couldn’t believe how the residents had raided it. They took a BATHTUB!!!)

It’s all good news for the home improvement business. But for the housing industry, it sure sounds like it’s going to get a lot worse before it gets any better.