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Finance Tid Bits
Mortgage Market Still A Problem
3rd August 2009
As a man on a mission to learn the true ins and outs of money and the financial system, I was scouring the web over the weekend and was shocked at what I read in an article to do with housing. The mortgage market is still in crisis and the number of foreclosures still high, especially in the state of Carlifornia. I wonder why analysts claim the worst is over when clearly there are still huge problems. News spread over the weekend about a family that are sole tenants of a 32 story highrise apartment building in Florida and this story has been dubbed "Oasis Tower One" after the name of the building these tenants are in.
Watching the financial channels, analysts have mixed sentiments over whether we have hit rock bottom of the recession and whether the economy is indeed recovering. I almost sense some pressure on their part to give the public a glimmer of hope that the worst is over. However, it is hard to believe that the worst is anywhere near over or that things are not going to get worse when the state of Carlifornia is faced with a number of foreclosures higher than that of the nation on avergage, and a never heard of before story that shook me to the core.
A family believed that they were buying a retirement property and put their life savings into buying this condo in a 32 story highrise apartment building in Florida, and they turn out to be the sole tenants. How is that even possible? Now folks I don't know about you but for me that spells some serious problems within the housing market and within our economy that are far from over. Read about the Oasis Tower One saga and the family that are stuck there here.
"Poor and content is rich, and rich enough." - William Shakespeare
Comments (9):
Amber Says: I read about oasis tower 1 and couldn't believe something like that could ever happen, poor family it must be pretty lonely | 08.03.2009 |
Jack Says: They should fight to get their money back and for the mortgage to be cancelled because that is not a fair situation | 08.03.2009 |
Chris Says: I think they should get their mortgage written off and get their deposit back | 08.03.2009 |
Hank Says: They should sue | 08.03.2009 |
Dianne Says: From the article it looks like they are suing and trying to get something done about it | 08.03.2009 |
Phil Says: Another example of corporate greed, the company knew these guys were the only family to come through on the deal, why didn't they warn them? | 08.03.2009 |
Bill Says: Poor guy spent his life savings and now what a mess | 08.03.2009 |
Mike Says: This is just unthinkable I had no idea anything like this could ever happen | 08.03.2009 |
Tim Says: Wow, what can I say this is really a shocker | 08.03.2009 |
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