Seven years ago when our kids bought their modest home, Las Vegas was the fastest growing city in the country. The building industry had gone wild. It was insane.
I remember the day my Aunt Bets and I went with Brian and Gretchen to look at home models. They were selling them faster than they could possibly build them. B&G signed a contract and had to wait eight months before their home would be ready for occupancy.
Everywhere you looked luxury communities were popping up and real estate was selling. Not so today. Today one in every eighty-six homes in the valley are in foreclosure. Many who aren't being foreclosed upon are struggling to make their excessive balloon payments. Then there are the people who, through no fault of their own, are upside down in their mortgages. People who might like to sell their homes, perhaps because of job losses or opportunities, can't because of the huge losses they would incur.
Houses in B&G's neighborhood, that four years ago were selling for $250,000 plus, are now selling for $85,000. Brian keeps saying we should buy a house there. People who once had big paying jobs in the gambling or building industries, are now trying to live on unemployment and pay their huge mortgage payments.
I watched a house being foreclosed upon last week while I was out walking. I didn't know those people, but as I saw the marshalls walk up and say, "Okay, we're going to lock it up now." my heart was heavy for the displaced. Okay, maybe they should have known better, but that doesn't lessen the sting of being homeless.
What's the answer? Better minds than mine are trying to figure it out. I'm just going to pray.
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