David Saks: The American Dream or The American Drain ?

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

The American Dream or The American Drain ?

         

The American Dream




David Saks



Time&Temp Memphis

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Comment balloon 14 commentsDavid Saks • June 14 2011 09:31AM

Comments

I've written a whole series of posts on the American Dream, that being home ownership, and got a great bit of interest. And just today I got a link to a study that said 75% of young people want to buy a home, and it included this quote, “People believe overwhelmingly that owning a home is an anchor to the American Dream,” So in my experience, people still ARE talking about owning a home as the American dream. 

Posted by Joetta Fort, Independent Broker, Homes Denver to Boulder (The DiGiorgio Group) almost 9 years ago

Owning a home for millions is "The American Drain", Joetta. With negative equity approaching a third of all mortgages, do you really believe that these very unfortunate people can have sweet dreams when they retire at night ?

Posted by David Saks ((retired)) almost 9 years ago

The American Dream is available. You have to work hard and save your money to come up with a down payment, just like in the old days. If you have skin in the game, you respect the investment.

Posted by Kathy Denworth, Realtor in the Florida Keys, Islamorada, Key Largo (Century 21 Schwartz Realty) almost 9 years ago

You need more gelt than pelt, so the saying goes, Kathy. And if you don't have the FICO they'll tell you to take a hike-O. Banks are tighter, even when the ante's up for the margin, because the secondary market's kaput.

Posted by David Saks ((retired)) almost 9 years ago

Yes the American Dream is still alive. Perspective buyers need to budget and save their money to put down a hefty deposit. We have a program in California, CAL HAFA, who will not approve the buyers loan until they go on-line and complete the course. This course is based on subjects like budgeting, paying your bills, making your house payments on time, etc. Good ideas for anyone!

Posted by Kristin Hamilton CA Realtor, (909) 557-6966- Specialize 55+ Communties Banning (Sun Lakes Realty) almost 9 years ago

There may be no such thing as the "American Dream" anymore, Kristin, especially so when the qualified residential mortgage (qrm) law makes sure that it dies and stays dead. Dont' forget  there are 74.5 million homeowners in the United States. An estimated 60 percent have a mortgage. The rest have paid off the loan or bought the place with cash. Something else for your perusal is that in Washoe County Nevada the median sales price for an existing single-family home in the first quarter of 2011 was $160,000, according to the Center for Regional Studies at the University of Nevada, Reno. That's a huge drop from the third quarter of 2005, when the median price was $350,000. Nevada is one of the hardest hit states regarding foreclosures, along with many others. On top of this tragedy, fixed mortgage rates average 4.5 percent, extremely low by historical standards, but most people can't meet tough, rigid lending requirements now. Nor will they be able to for years when the QRM (qualified residential mortgage)law is passed. Home prices will keep falling until the number of foreclosures for sale is reduced from the 2.5 million home default list.

I'm not a cheerleader for the industry spewing false positives. 

Some real estate professionals prefer to be "realists" than "realtors" in this economy.

Traditionally, home equity rises as you pay off the mortgage. Not in this battered economy ! Home values have crashed since the bubble burst five years ago. Homeowners are losing equity even though the outstanding balance on their loan is shrinking. Go fiqure.

Home equity is important for the economy because it has a lot to do with how wealthy people feel. If they feel swamped by a mortgage loan, they're less likely to spend freely on other things. Home equity also serves as collateral for some loans.

On top of this unbelievable national nightmare is that the percentage of the homes that Americans own is at the lowest point since the second world war, the Federal Reserve said last Thursday. The average homeowner has 38 percent equity in their house, down from 61 percent a decade ago !

Dreams are series of mental images and emotions occurring during your sleep. They're also imaginative thoughts that you indulge in while your awake that also elucidate fantastic and vain hope for millions of Americans.

Sweet dreams.

Posted by David Saks ((retired)) almost 9 years ago

American dream could always be in sight if only hard work and consistency was the way towards it.. it's a little challenging now a days but believe it or not it's still possible.. thank you for sharing and great photo

Hosai Nasir

Posted by Hosai Nasir (Century 21 M & M and Associates ) almost 9 years ago

Make me a believer, Hosai. Can you stuff an elephant in a matchbox, too ? Thanks for your thoughts.

Posted by David Saks ((retired)) almost 9 years ago

Everything you've said here is true David.  Things are bad and in some areas getting worse.  It may take years before things start to improve.  I don't believe the American Dream is dead because I see it every day with the new home buyers and their excitement for their home purchase.  Without optimism and belief in the Dream, we would be finished and the crooked politicians would finish us off for sure.

Posted by Doug Bullwinkel, Mortgage Loan Originator NMLS #281609 (Envoy Mortgage, NMLS 6666) almost 9 years ago

The American Dream is alive and well it is the rules that change monthly.  Hard to plan when thing keep changing all the time.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) almost 9 years ago

So what market are you actually targeting, David, buyer or sellers?

Posted by MichelleCherie Carr Crowe Just Call...408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) almost 9 years ago

Doug, as long as you live you can dream, unless you're in a coma, and even then you might experience the satisfaction of r.e.m. and possibly the satisfaction of a state of mind characterized by abstraction and release from reality. When many wake up, the dream is gone when the foreclosure notice is on the door.

Tim, keep believing. I'd like to play the piano on the stage at Cinderella's Castle at Disneyland, too.

The "Realist" market, Michelle.

Posted by David Saks ((retired)) almost 9 years ago

Owning a home used to be the American Dream. Until the current foreclosure crisis in put under control it will be a dream that will not be fulfilled by a lot of Americans.

Posted by James Loftis, RealEstate911.com (RealEstate911.com) almost 9 years ago

No argument here, Jim. Most agreed. Nice to hear from you.

Posted by David Saks ((retired)) almost 9 years ago

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