Page 13 - December 2022 Issue.indd

remained in the 4.5% to 5.5% range, specific loan being used to fund their complete a financial literacy class. I am
and inventory was good with houses milestone of homeownership actually also proud to say that I am a strong
coming on the market every day, many worked. Many of these buyers had no proponent of Junior Achievement in
of them lenders had acquired through idea how to establish a household budget our schools that exposes our students
foreclosure. to even determine if they could make to age-appropriate financial literacy,
the mortgage payment, and lenders entrepreneurship, and career exploration

The mortgage meltdown was the result had no obligation to determine if they in elementary, middle, and high school.
of Wall Street greed in selling mortgage- even had enough income to pay the If interested in JA, please reach out to
backed securities to investors who had mortgage payment. Personal fi nance and me.
no idea what they were purchasing. financial literacy stopped being required

These were individuals and families who in school. Mr. Pursley’s General Business Today’s real estate market is different
were looking for a way to capture the class at Riverview Middle School slowly than any that I have experienced in the
American dream of homeownership. disappeared as time in the school day past. During the markets that favored
Today’s real estate market is very needed to be used for other important sellers and those that favored buyers
there always seemed to be ample
different than the early 2000’s. The subjects. inventory for buyers to choose from.
5 year “Go-Go” period from about The loss of financial literacy in any Inventory has been limited since the
2002-2003 to 2008 was like the Wild form in the public-school curriculum market opened up after the initial shock

West. New home developments were starting in the late 70’s to early 80’s was a of Covid and the pandemic in early
popping up everywhere and loose major reason predatory loans became so 2020. Limited inventory for the past two
underwriting standards and payments prevalent. Borrowers did not understand years has stoked multiple off ers for the
to accommodate any level of borrower how the loans operated and unethical same house with contracts being ratifi ed
income provided the opportunity for lenders didn’t take time to explain. within days if not hours of going active.
millions of Americans to purchase their
first home. I am proud to say that Caroline County This buying frenzy has driven prices

was one of the first counties in Maryland up to what many consider to be

Unfortunately, many of them had no to require graduates to successfully
understanding of exactly how the
g
p
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