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Although we had signed the papers, picked up the keys, and walked into our own home for the first time, we still could not move in right away. Walls needed repainting, carpets needed cleaning, and lights needed to be added. Likewise, everything needed to be sanitized and the locks changed.
When it comes to housing and mortgages, logic has not been part of the equation for the last 20 or so years.
Why do we have so many homes that are underwater and so many foreclosures? Well, Americans wanted the biggest house they could afford (or thought they could afford); lenders were willing to give out loans like Happy Meal toys; and the combination has produced a system that needs to be fixed.
Nothing compares to the confusion that occurs during the mortgage process, especially if you have never purchased a home. I am a very prepared person when it comes to finances, but even I learned some extremely valuable information.
I understand that finding an agent is usually a word-of-mouth process, but I don’t know anybody who has bought a home in the area recently, so I went to the search engines. I Googled and Binged agents around the Kansas City area until my fingers bled (not really) and either called or emailed every one of them.
The numbers are in ladies and gentlemen, and things aren’t too pretty for the housing market. After reading a brief AdAge stat card report on the latest census and how it affects marketers, it appears that the housing market collapse was well documented.