How To Fix the Housing Industry

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The costs in homes are consistently going up and many families across the U.S. cannot afford them. They can’t pay off the mortgages and end up going bankrupt because they cannot pay for the house let alone a car, utilities or any other costs that Americans face today. Let’s take a step back from the situation I believe in order for people to be able to payoff their homes without going under in debt is that they manage their money in a better way. People that aren’t able to pay for their homes are people who spend their money on other things that aren’t as important. Some things would include they spend around three hundred dollars in coffee every month. Now what if people saved that money and put it into bills that they really needed to pay such as their house mortgage? If people saved those three dollars each month on coffee or however much they spent on coffee towards their housing payment, they would have no problem paying for the mortgage on their home. This goes for every other unneeded thing that Americans believe they want, but they don’t really need.

The whole problem with the housing industry is that families are thinking they “need” that huge six bedroom four bathroom home. When in actuality they don’t, they need a home that fits their “needs” instead of their “wants.” When home buyers go into buying a place they take out a loan for a house that costs way to much for them to afford, but because the wife says to the husband “oh this is exactly the dream house we have always wanted.” Now it might be what they “want”, but in the long run is this overly expensive house really what they “need” to live their lives? People need to realize that this is not the way to live because it hurts the economy and thus in turn the housi...

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...s they could actually pay for instead of things that they wanted and would calculate the numbers later. If the government could re teach and educated the American populace on what to spend their money on, this in turn would allow America to avoid the economic disasters and the terrible housing market. Banks can’t be giving out loans to people who can’t afford these homes. We need to be smarter with our money instead of throwing it away like it’s just a piece of paper. If we really want to stop the foreclosure of homes and fix the housing market we need to make sure that we loan money to people who know how to us and not to people who don’t know how to use it. If we control our spending and focus it in the direction of prosperity rather then bankruptcy then we will in fact fix the economy along with the housing market and other problems that face the American nation.

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