Fighting Foreclosure

Henry Paulson, Treasury Secretary and President George W. Bush revealed a plan yesterday, December 6, 2007 that aims to help homeowners with adjustable rate mortgages. Qualifying homeowners would be protected from increasing interest rates by freezing their current interest rate for five years.

The goal is to help the economy by keeping homeowners out of foreclosure as a result from the housing slump. Extremely high foreclosure rates would force people to leave their home and would have a rippling effect throughout the economy.

The self storage industry will be affected no matter which way the housing market rises or falls. But is self storage in danger of seeing a slump of their own?

Homeowners value their treasures and belongings such as wedding albums, family heirlooms and handmade crafts maybe more than they do the four walls they live in. After all, it’s those things that make a house a home. If they were forced from their home, those items wouldn’t be sitting in the dumpster. Families would look to self storage for safekeeping their belongings until things start looking up for them.

If President Bush and Mr. Paulson’s plan does keep Americans out of foreclosure, then those consumers would continue spending, and collecting more treasures. Families will find themselves needing extra space to store Christmas decorations and knickknacks and look to self storage for the answer.

It looks like self storage owners are still wise investors in an industry that has proven necessary for all walks of life by meeting humanity’s basic needs, shelter.

Written by, Sarah Little TQA Director 

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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