I always want to be informative when I write on this blog, but sometimes I am just stumped. There is news out today that FHA may be in financial troubles, they do will (may, don't) have the required reserves that the government imposes. This can and may well be a huge problem in the coming months. Some of the insiders believe it will push FHA to requiring a 5% down payment instead of the current 3.5%. There are arguments on both sides of this issue right now. Some say, if you up the down payment requirement, less people will own, others say that if they can't put 5% into the purchase of their home, should someone really be buying? I am not sure where I sit in this debate. I understand both sides. I also realize that Americans are burdened with debt, because of the images we are sold. Rarely are we happy with what we have, we always want more. Credit in general is very easy to get and that just makes getting what we want that much easier, even if it takes us ten years to pay it back.
I think Americans need a new perspective on the "American Dream." We need to re-evaluate our lives and really see what is important. It will be different for all of us, but I am sure all of us could figure out "things" we could live without.
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