Everyone of us knows someone who has been, or has personally been, affected by this recession in some way or another. Healthcare issues, unemployment rate, salary decreases and people working for lower wages or not able to find work at all.
I've been affected personally because housing prices have dropped so my income level has also dropped drastically. The number of hours put into closing a real estate transaction has quadrupled. I've recently tried to refinancing my home and the value has, of course, diminished to a point where the loan to value ratio was "not great"... as many of us have realized recently.
As I drove to the bank today I was listening to the Diane Rehms show on NPR and they were talking about, what else, the state of the economy. It makes me think that this adjustment really needed to happen to correct the high inflation we were in 4 years ago, but it's all so painful for so many- too many. How could it have been adjusted differently? Or when what would have been a better point to stop it? At some point the government should have stepped in before 2005 and raised interest rates a bit. Wasn't that the time, when the market was strong?
I still think the kinks will slowly be worked out but our country will be left with a lot of mending to do. That, in itself, will be a source for work when we get there. For now, ugh. People are still buying and selling homes. I've had more buyers this year ( I mostly work with first time buyers) than any of the 8 years I've been in real estate.
I just wish I could save everyone who's financial position is "going down" because of a job loss. The children who are the victims of so much of this stress that is created in a financially distressed family. The health of people in need of medical attention who are now unable to receive it due to inability to pay or loss of insurance. It's so very sad and very unfair. Anything that comes from Obama's healthcare policies may come too late for so many.
For now, I continue to help who I can find a home and pray that they are able to remain in their home as long as they wish. I don't wish upon anyone the loss of a job and, frankly, I know too many who've been affected directly by "the state of our economy."