« Transfer of ownership | pollocked...2008. »
@ 2008-08-09 – 14:46:32
Hi to everybody...many years ago now when the last period of house prices falling, I painted a picture to depict the effect on families...this is it...seems appropriate again...it was titled..'Fractured families' or 'Negative Equity'...couldn't quite make up my mind but both titles fit...and the problem did and now is destroying families...Click on it to see larger version...
Great big hugs...
jenray
Pro Yes, it's very hard on people when their homes go into negative equity, but I think equally foolish of them to take out 125% mortgages in some cases in order to get one...much better to buy a smaller home you can afford than to borrow such huge amounts for something larger that may well lose value in a downturn in the market...and it always happens eventually when prices have risen for a long time...in the end, the market out prices itself and it just has to come down otherwise very few people could afford to buy a home of their own...GBHs...XX
Chyna_Doll
I like this. The couple though kind of look like you and your hubby to me though! 
jenray
Pro No, not really...LOL...when I painted it Ray still had all his hair and a bigger beard, was slimmer and I had long red hair... More like my sister-in-law and the guy I don't know who he looks like...the boy and the girl though is our eldest son and a friend of ours' daughter... GBHs...XX
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This is a very accurate picture. As I sit looking at homes, hoping I end up with one, I wonder who was there and if they lost their home. I also wonder about those whose equity has been lost in the falling home values. It's a boon to those who can purchase but pretty miserable for the vast majority.