For several months now we have been looking for a house that would take us closer to our church family (and other friends and family!) as our commute is a bit long but not too unbearable. If you are not stuck in the mud somewhere, you know that the housing market in the majority of America is in a pretty miserable state of being. With that fact in hand, we have opted to rent our current house, Lord willing, and move to another house. In this whole process we have seen many houses that are "short-sale" houses, "bank-owned" property, and others that are moments away from "foreclosure."
It is a sad state when you realize that maybe some bad decisions were made in financing, or maybe it was a lost job, or something and now these people are losing their homes and having to sell them probably for less than half of what they paid for it and it will by no means cover the mortgage left on the house. Many, including us, stand to profit from these mistakes -- not on purpose, but because this happens to be the current state of the market. It is also a sad statement for some of the former owners character as we saw a house that had fallen victim to what our Realtor calls a "foreclosure party." There were holes in the walls, carpet messed up, the kitchen sink was gone, and they even took the two air conditioners! Really, what are they going to do with those? What gets me even more is that our Realtor has seen much worse.
As I was talking to my friend about all this she made a very telling statement, "It's sad that in these times our vocabulary consists of these terms and we are very well aware of what they mean."
She is so very right.