I have noticed that home prices have begun to rise somewhat.
Being that the home-mortgage crisis debacle had such devastating consequences, here is what is on my mind.
I am quite naive about buying and selling homes and I don’t wish to take sides. My thoughts are about equity. Much has been said about the mortgages on foreclosed homes being much higher than the value of the home in these ‘down times.’ That surely applies to other homes also.
What is the true value of a home? Surely it is not the inflated price during boom times. Banks and mortgage lenders want to sell a home for the highest price they can get. This, if it is more than the true value is an injustice to the buyer: That of paying interest on an inflated principle besides the principle itself.
To my knowledge, there is not a means in place for determining true value regardless of whether the times be boomy or gloomy. If this is the case, it seems that it should be the duty of government to develop such a means to protect the consumer.
Charles Samek
Mineola
