There is a Silver Lining to Foreclosures

Yes, I realize that it is hard to put the words "foreclosure"and "silver lining" together in the same sentence. However, while the foreclosure is a tragedy on a personal level for someone or a whole family and a national tragedy for all of us, it does create an opportunity for home ownership for someone who had been priced out of the housing market before.

The Washington Post just did an article in its real estate section this weekend talking about the beneficiaries of the housing bust - young couples who couldn't afford to buy a home before. These buyers are helping all of us by taking those vacant houses off the market and turning them into homes again. They are helping to rebuild the economy by buying new furniture and renovation or constructioin supplies from Loews or Home Depot.

The National Assocation of Realtors said earlier this month that 45 percent of all sales in the fourth quarter of 2008 were distressed sales. Working with foreclosures is not profiting by someone else's misfortune as one ActiveRainer said recently. There are a lot of potential homeowners out there who can benefit from the supply of foreclosed homes, and finally get a chance at that best of American dreams, home ownership. If the financing is done responsibly this time, it can be a great turn around and one in which I am proud to be a part.