Most Americans believe that the “Great Recession” of 2008 and 2009 began in 2006 with the crash of the residential real estate market.  The crash began rather slowly in the “hot” real estate markets of Florida, Arizona, Nevada and California, and then snow-balled into  a nation-wide catastrophe of plummeting home values and skyrocketing delinquency rates.  Everyone has their own idea on exactly who was to blame for the  real estate mess;  however, most folks believe that greed and the prospect of easy profits played a large role.  Unfortunately, not a whole lot has changed in the real estate business since the crash began.  Although many of the markets throughout the country have stabilized, and maybe even begun a slight up-tick, the “hot” markets continue to show ever-increasing delinquency rates on mortgages, and a further decline in  market value.  There may, however, be a slight glimmering of light on the residential real estate horizon.  Trans Union reported that the overall delinquency rate in the first quarter of 2010 slipped to 6.77 percent from 6.89 percent, representing the first decline in over four years.  Trans Union further speculated that the delinquency rate should continue to show a decline through the end of 2011, and level off at around 5 percent by year end.

For states like California, Florida, Nevada and Arizona, which are currently showing delinquency rates  between 11 and 18 percent, it would take a major miracle to bring delinquencies down to even half the levels being experienced elsewhere in the country.  The fact is that home values in those markets were so over-inflated, and finance companies were so lax in enforcing normal credit standards, that home-buyers are walking away from their mortgages by the thousand.  Even those who are still financially able to make their mortgage payments are questioning the wisdom of continuing to pay for housing that is worth half of what they paid for it.  From a strictly “business” viewpoint, many borrowers are, in fact, much better off by telling the finance companies to foreclose, and take back their collateral.  Borrowers are quickly finding out that foreclosing lenders cannot come after other assets, such as retirement funds,  and that within five years the foreclosure record will be removed from their credit histories.  Just as the granting of the mortgage by a financial institution was strictly a business transaction, the walking away from a mortgage by a borrower should also be viewed as strictly a business transaction.

As more and more residential real estate is foreclosed upon, the banks and finance companies will become the ultimate owner of millions of real estate units that should never have been built in the first place.  It will most likely be many years before the glut of bank-owned properties are finally sold off to the credit-worthy.  In the meantime, many residential property owners will continue to compare the remaining amount of their mortgages to the value of their property, and tell the banks “thanks, but no thanks”; the keys are under the door mat.

Big Ben Roethlisberger has become our hometown hero as one of the best Quarterbacks in football. He helped the Steelers win games when it was so close, they may not have had that win in their column. We have held him up high as he himself raised the bar in football and raised the Lombardi Trophy over our city.  Pittsburgh loves its heroes and Ben has been one who helped a city which is re-inventing itself, to promote that positive image. We stand by our own, even when many others give up. Now, however, he has once again brought questions about his character and may have lowered the bar in his personal lifestyle.

In 2006 he nearly lost his life due to not wearing a helmet while riding and crashing his motorcycle. We chalked it up to his youth and rallied for his recovery. Then a hostess in Nevada accused Ben of sexually assaulting her. She had failed to file a police report and Ben denied the accusations. They settled out of court and many chalked this one up to a wanton woman wanting money from a Super (and rich) hero. The latest of Ben’s escapades, however,  has us shaking our heads, talking in coffee shops and wondering whether Big Ben has been off-sides in personal life, thereby casting aspersions not only on himself, but on football, the Rooneys and this city of Pittsburgh.

As a woman I ask myself why a woman would go to the police and file a report of sexual assault, when we know that in courts, many women are re-victimized as every aspect of their personal life is examined and dissected in the search for her as being complicit. It is a humiliating process for women, and one does not take this step lightly. The twenty year old college student who happened to be in the same bar in Milledgeville, Georgia last week as Ben Roethlisberger, has taken the steps of filing a complaint of sexual assault against him with the police, hiring an attorney and thereby subjecting herself to scrutiny which will be denigrating and up-heaving. Ben has hired one of the top attorneys in Atlanta. Another high-profile case has begun, and this time it is not Tiger Woods or one of the Washington politicians. It is Big Ben, hometown hero.

The investigation continues and Ben is innocent until proven guilty. That is the law. What the law does not cover is that this 28 year old man should have better judgment. Whether he likes it or not, with the victories come the spoils and that should not include rotten behavior which denotes lack of character.  Certainly he is no newcomer to fame. Whether on the field or off the field, he has a responsibility to conduct himself properly. He may be innocent. She may be seeking money. But this time, this time, Ben has us all wondering whether he deserves the status he has attained.

—cher