Is Getting a Mortgage Still POssible in This Crisis?

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The economy went bad over the past several months in so many countries, and the real estate market followed the trend. How not to be like that, when less and less people qualify nowadays to get a personal loan or a mortgage for a home or a land plot?

USA was the first to be affected by this blockage of the lending mechanism, when so many people went bankrupt and were not able to pay their debt anymore.

Countries on other continents followed the recession trend less than one year after US got in trouble. Romania, Bulgaria or Hungary are only a few examples where the real estate market went down with high speed.

Maybe the most affected were the investors, who thought that buying and developing real estate assets would be the future and would bring them a lot of ROI. Based on the previous years evolution, the assumption was correct. Not anymore.

Without mortgages, people don't have money to buy expensive things like homes or even cars, especially when they are at a younger age and didn't have the chance to accumulate any savings.

But for those who took money from the banks so easy, here comes the time to pay it back and some of them simply can't. So they don't pay and everything gets blocked, because the bank needed that money.

Real estate agencies in all these countries are crossing a difficult time, and are trying to adapt to the new conditions. Many of them will probably go bankrupt sooner or later, as they aren't strong enough to survive.

In Romania, the government has initiated a program, Prima Casa, meant to grant up to $60000 Euro for people who don't own a home and want to go for a mortgage and buy one. If they don't pay, banks would get their money back from the government.
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