Like many Americans, my eventual goal is to own the house in which I live. Currently, I am renting a house which is bad insofar as I am paying (and losing) money in rent each month. On the plus side, for the first time in my adult life I am actually living in a house instead of an apartment. Its about 50/50. I do have the option to buy this house at some point, maybe getting some credit for rent I have already paid. Or I might find another house in the Hartford area to buy. That is a step I am ready to take. Except for this money thing.
Yes, the whole financial crisis has pretty much destroyed any means by which I could afford a house. That's not to say I am a financial risk. At least I don't think I am. Sure, I have some college debt and a little for my car. I don't, however, tend to carry a balance on credit cards and for the most part spend wisely. Still, I don't quite have the means to save up enough month to month to make a decent downpayment. Now, with the rules getting tighter on borrowers if indeed anyone can borrow money at all, I expect I really can't afford much of anything. That, indeed, is sad.
As a first-time home buyer I could sit back and complain that I have had nothing to do with this mess and shake my fist in the air because I now am unable to participate in the American house grab. On the other hand, I could hope and pray that market conditions might remain favorable to me as far as prices and interest go. I am not sure what to do. What I do know is that the prospects for me and my future family don't look good at the moment. So, like millions of other Americans, I sit and wait this one out. I think what could have been just months ago. But maybe this will work itself out.
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