The spiral that created the crash market in 2008 is still present in the United States economy and it is undeniable that its effects are still not completely understood. This economy had experienced two major setbacks in the past 14 years. First the tragedy of 9/11 after the devastating terrorist attack that affected the market enormously. In more recent years the value of the properties went down it is not a secret that houses were overpriced to the maximum for decades. Of course the responsibility of the banks in all of this is undeniable. Banks gave houses to buyers who they knew were unable to pay for their mortgages. Also some financial institutions that were leaders of the housing market close their eyes to those transactions that are affecting the economy to this date. Because recovering for the homeowners is so essential for …show more content…
The American dream is on the line here because without a place to live there is no place to create a family which the building brick of any culture. Rent to own sounds to me as a very interesting concept basically you will pay your rent and some more extra for certain amount of months/years until confidence in your ability to pay is restored and you will be considered to eventually own back the home you are living in. Also the closing date can be deferred for a certain period and the total cost of the property can remain frozen as well. Rent to own is a very responsible and smart way to empower those ex-homeowners that are recovering of their financial lost including hardships such as unemployment to do a big come back into the real estate market. The way I see this is that they have been punished enough with all the bad deals and promises that made them home-less in the first place that they deserve a second chance to