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The Kings County Board Of Realtors

Decent Essays

I worked for the Kings County Board of Realtors before going back to school from 2007 till 2014, I feel I had a front row seat to what transpired. The market soared in the early 2000’s because loans were given out like candy to people that really couldn’t afford it and didn’t understand what they were signing up for when their rates would change and their houses were being ripped out from under them. I watched as houses were taken from families left setting empty for several months creating eye soars in the community. Other problems arose as well, pools left stagnant creating pest issues, break-ins by drug uses to collect cooper wiring and appliances. Bailouts by the government that were designed to help people keep their homes were being used by banks after the house sat in ruin for several months. One of the main problems I saw was the people that were creating the problem were also in charge of the solutions which is bad business. They were able to bail themselves out but it left families without homes. What I find ironically funny is the statement quote used for this essay topic, “Those who do not learn history are doomed to repeat it”. This is something our government needs to take heed to, because they are the ones repeating history. Right now as we speak banks are again selling houses to people that cannot really afford the payments, they are signing contracts without reading the fine print of the balloon rates that are going to make it impossible to keep their

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