ABC 7 News has a video and article on "ordinary" resellers being affected by foreclosures in Prince William County. The newscaster calls the foreclosure problem "a by-product of the mortgage crisis." A better way of explaining the problem to their viewers might be to say "a by-product of dodgy mortgage lending."
One of the communities hardest hit by the foreclosure problem, Prince William county, isn't just having an impact on those who default on their mortgages, but those trying to sell their homes.
After nearly 40 years of memories in a home that is paid off, Larry and Diane Shandor are struggling to sell their house now, because of others in their neighborhood who can't pay their mortgage.
"How can you compete with a foreclosure home," said Larry Shandor. His problem is an unfortunate byproduct of the mortgage crisis; those trying to sell homes in a market flooded with foreclosures.
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Pable Cava priced his home to compete with the foreclosures and finally sold it after months on the market. "I just had to get rid of it. My wife was sick."
The Shandors had to do the same - reduce the selling price of their home. "What can you do? It's just what's happening right now."