Monday, June 20, 2011

How the Housing Market Is Affecting Doctors

Six years ago:
Low-interest loans, virginal credit records, an MD degree.

Need a home, doctor? No problem! How about one of these super-duper snazzy townhomes in a nice neighborhood. Just sign here!
A marriage, a young family. Perhaps time to buy a new place?

Oops. They can't. The townhome next to them is priced for a short sale at 60% of their purchase price and hasn't had an offer in a year.
Can you say, "under water?"

"Walk away from the mortgage!" many say. "It's not worth it!"

Until they realize they won't have any credit for about, oh, nine years.

Or maybe they could try one of these options.

It's not just about higher medical education expenses and lower salaries for our younger doctors. Like many others in today's economy, it's about the housing crisis, too.


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