Standard & Poor’s/Case Shiller’s national home price index increased almost 3 percent to 133 during the second quarter, compared to the first quarter — though it remains 15 percent lower than second-quarter 2008. National home prices are down about 30 percent from their peak in 2003.
Even with this better-than-expected report, all of the 20 cities in the index are lower than a year ago. Still, it’s too early to celebrate … with about 5.5% of all home mortgages seriously delinquent in their monthly payments.
There’s an extremely simple way to avoid foreclosure: make your mortgage payments on time every month. If you are unwilling or unable to do so, then you will lose your house. This is exactly what you agreed to in the mortgage contract that you signed. Expecting the rest of us to “bail you out” is a morally indefensible position.
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What happened to self responsibility and self accountability? If you cannot afford the house payments then don’t buy a house. If you cannot qualify for a fixed-rate 30-year loan, then that means you are not qualified! It’s your responsibility to know how much you can afford. It’s as simple as that.
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The good news is, once the dust settles, the new and improved mortgage payments will be a piece of cake!
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