Reader Request: What Happened to All That Value?

I LOVE receiving feedback from readers, good or bad. Lately I’ve had trouble thinking of original ideas to write about. When I used to write every week for the Standard-Speaker, I never lacked for topics because readers emailed me all sorts of questions and opinions. I hope “Reader Request” will become a regular feature, but of course…that all depends on you, doesn’t it?

A reader asks: My 28-year-old son just purchased his first home. He has a job but makes very little money. Nonetheless, he was able to make this important first investment because the house was available for sale as a result of foreclosure. This economic circumstance reduced the price of the house to the point that, inspite of his meager means, he was able to afford it. Where did the difference in the foreclosed debt and the value in excess of the price he paid in the transaction come from? Ironically, he is entitled to the Government’s $8k tax credit for first-time home buyers which he did not need to affect the purchase. Continue reading “Reader Request: What Happened to All That Value?”

Best of the Week: August 16-22, 2009