Brilliant Points On How Fortune Truly Favors The Brave
July 19, 2010
It is sometimes difficult to remember that recessions are cyclical, especially when you are in the grasp of a deep one. History tells us that since 1854 we have gone through 52 specific examples of a recession and boom, or a process of expansion and contraction, in the USA. Typically speaking, the contraction lasts for about a year and a half and the expansion lasts for just over three years, again on average. In more modern times, since 1980 there have been fewer recessionary times and more times of plenty, but we don’t need to be told what happened in December 2007, when we entered this greatest recession ever.
While our latest recession may well help historians and economists to rewrite some of the history books, there is little doubt that this recession, as well, is part of the classic expansionary and “contractionary” cycle. Today, expansion is all around us and we will see the economic indicators moving up and pointing higher as we go forward. We hear so much about the unemployment rate being so high and likely to stay that way for some time and it appears that we will all have a hangover of some kind, even as the economy starts to strengthen. Nevertheless, now is the time to be brave and this is certainly a great time to consider a real estate purchase, much better than any in the past few years.
Many people have not been able to come through this recession unscathed and hundreds of thousands have been affected by cutbacks, loss of job, or other issues. In many cases financial “nest eggs” have been lost and credit scores ruined by ongoing difficulties. We hear that buying a home with poor credit is totally impossible as this recession comes to an end, as the banks just do not want to risk anything at all, right now. If you are one of those first time home buyers with bad credit you might often consider that you are looking for a home at probably the worst time in modern history. It’s important not to look at the situation this way however, as buying a house with poor credit is achievable, just as it is possible to do so with a smaller than average deposit.
In Detroit, its surrounding suburbs and other areas of Michigan, land contracts are becoming more popular instruments. They are fully recognized under state law and represent a way forward for many people who have fallen on bad times, or always feel as if they are on the back foot. You should look at land contracts in your situation and see how you could benefit from the many opportunities that are everywhere, right now. You can find the home of your dreams and make a life for you and your family, even though you thought all the chips were down. It’s nice to see the greatest recession behind us, to wonder how we ever made it through this dark period and to make plans for a brighter future. Go for it, and make the change in your life, today!
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