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Foreclosure Story Misses the Point, Nashua Broker Says
Some people just refuse to see the good news in anything. In New Hampshire, for instance, local economics makes this a great time to invest in real estate, but rather than talking about that, in a recent article, David Brooks misses the point, and focuses instead on the negative.
Mr. Brooks’ front page story on Thursday, Jan. 3 was entitled “Bad to Worse; Mortgage Crises Swelled in ‘07; May Not Have Peaked.” The message he’s trying to portray is that, while lots of people had banks foreclose on their property last year, things promise to get a whole lot worse. To illustrate his point, he held up several homeowners (and their homes) on the front page for public ridicule. Never mind that Mr. Brooks doesn’t know the circumstances behind these people’s misfortunes. The important thing is that bad news sells newspapers, thank you very much.
Brooks went on, stating that there were about 2,000 foreclosures in New Hampshire for 2007 out of 360,000 owner-occupied dwellings.Being a real estate broker affiliated with The Masiello Group since the last 13 years, I disagree what Mr. Brooks is doing. I spoke recently with the chief assessor at City Hall in Nashua, Angelo Marino. Here’s what I found out: Despite what Mr. Brooks suggests, there is an obvious silver lining to his pessimistic cloud.
Using that information (plus Mr. Brooks’ own numbers that showed that Nashua had 134 foreclosures in 2007), and excluding those that may have happened on Dec. 28 and 31 of 2007, using basic math, we arrive at a foreclosure rate of 0.0056 percent– one-half of one percent of the properties in Nashua!This puts things in a different light, doesn’t it? Brooks missed a great opportunity; this could have been a positive story about how southern New Hampshire is doing well in the current economic situation. He could have shown how that low interest rates and an ample supply of homes for the buyers make this an excellent time to buy a new home. Instead, he completely ignores this.
Here’s a clue for you, Mr. Brooks: The current foreclosure problem is not something that can’t be corrected with some assistance from lenders to help financially troubled homeowners. And if some properties have to go to foreclosure, then so be it. None of that changes the fact that this is a very good time to buy a home for yourself or some other person who can qualify with the required needs.
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It’s true. The nation will likely have to just live through it and accept it for a while until the market naturally corrects itself.