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Dire Housing Market Forces Families Apart
by
findingDulcinea Staff
Unable to sell their homes, many U.S. families have little choice but to split up when breadwinners get a job that requires them to relocate.
30-Second Summary
After Paul Dillon took a job in Akron, Ohio, the Dillons were unable to sell their Toledo home. Now Paul Dillon’s four young children say goodnight to him over the telephone, reports National Public Radio.
Big Builder spoke to Joe Senna, who must move from Texas to Minneapolis by June 1. He is testing out a different solution: home swapping. He says, "It's a nontraditional method, but it just might work. I say just take matters into your own hands."
Big Builder spoke to Joe Senna, who must move from Texas to Minneapolis by June 1. He is testing out a different solution: home swapping. He says, "It's a nontraditional method, but it just might work. I say just take matters into your own hands."
Headline Links: Housing market crisis forces families to split, rent or swap
Some months ago, Paul Dillon found a new job in Akron, Ohio, but was forced to leave his wife and four children behind in Toledo after the Dillons proved unable to sell their home. Paul’s wife Nannette now plans to move herself and the children to Akron even though they haven’t yet sold the house and they’ll have to live in a smaller place. “It's not all about the money. You need to be happy. And for us, we're making the decision that our family needs to be together."
Source: NPR
Another way to cope with the slow housing market is to trade homes while continuing to make payments on the mortgage. It is a practice that is growing among those who must relocate because of their jobs, and several Web sites have sprung up that facilitate this process.
Source: Big Builder (San Antonia Express)
Related Topic: Canadian companies reluctant to relocate employees to U.S.
In previous years, companies with Canadian offices might temporarily relocate employees to the United States to seek new business opportunities. However, in today’s declining American housing market, those same companies worry that they will no longer be able to resell their employees’ American homes when the time comes for them to move back.
Source: Globe and Mail
Background: The sub-prime mortgage situation
findingDulcinea explores the current sub-prime mortgage and general financial crisis.
Source: findingDulcinea
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