With home prices rising every year, a question on many people’s minds has been, “Are we headed for another housing market crash?” For anyone who was affected by the last crash, or nearly escaped its clutches, this is a very real concern and question to be asking when we see prices rising the way they are.
However, while from the outside looking in it may appear as though things are escalating in a very similar fashion as they did ten years ago, when you look at the numbers and statistics comparatively, they are a lot different. The overall housing market is actually in a much better state than it has been in awhile and it is far better than it was when the crash occurred last time.
Recently we came across an article in Forbes magazine that will help explain the current housing situation further and perhaps ease some of the concerns we’ve all been having with this rising housing market.
Click here to read the article on forbes.com titled “Mortgage Debt Nears A Pre-Crash High, But That’s No Cause For Concern.”
On the list of interesting articles this week on Prescott Area Association of Realtors news was an article on The Hill, a blog that talks about recent news and things going on around the world. This particular article titled, “Reauthorization of National Flood Insurance Program should be priority during the lame duck,” posed the question of whether or not National Flood Insurance should get reauthorized as it expires at the end of this month.
The term used in the article’s title, “lame duck,” is a called lame duck session in regards to the Congress and it is when Congress meets after its successor is elected, but before the successor’s term actually begins. What the National Association of Realtors and many individual Realtors across that nation believe should happen during this meeting is for the National Flood Insurance to get reauthorized.
The article goes on to point out that flooding is one of the most common disasters in the United States. Every year flooding effects people nationwide in both coastal and inland locations, adding up to about 22,000 communities across the country.
However, does this mean that flood insurance should be a government funded endeavor? While there are arguments for both sides – flooding is something you cannot control and it is the government’s duty to help those whose lives are ripped apart by it VS. many people knowingly buy/build in a flood plain area or a place known to be prone to flooding and it is their responsibility to therefore pay for their own flood insurance – it is certainly not an issue to get brushed aside lightly as there would be repercussions in either decision.
CLICK HERE to read the article and comment below to share your thoughts. We’d love to know how you feel about whether or not flood insurance is a government responsibility, or an individual one.