Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Most Americans Still Believe in Homeownership, Poll Says

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Most Americans Still Believe in Homeownership, Poll Says

    Jun 29th 2011

    Owning a house remains central to Americans’ sense of well-being, even as many doubt their home is a good investment after a punishing recession.

    Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else.

    Support for helping people in financial distress over housing is higher than support for helping those without a job for many months.

    Forty-five percent of the respondents say the government should be doing more to improve the housing market, while 16 percent say it should be doing less. On the politically contentious issue of direct financial assistance to those having trouble paying their mortgages, slightly more than half of those polled, 53 percent, say the government should help. And almost no one favors discontinuing the mortgage tax deduction, a prized middle-class benefit that has been featured on some budget-cutting proposals.

    President Obama, who has been criticized for both doing too much to help the housing market and for not doing enough, was given poor marks. Only 36 percent of those polled approve of what Mr. Obama has done, while 45 percent disapprove.

    In assessing blame for the housing crash, people are increasingly seeing financial institutions as the central culprit. Amid the swirl of recent disclosures about banks following improper and illegal procedures in pursuing foreclosures, 42 percent blame lenders, while 29 percent blame regulators. When the question was asked in early 2008, as the crisis was still building, the numbers were reversed, with 40 percent blaming regulators and 28 percent blaming lenders. Only a handful of respondents at either moment blamed the borrowers themselves for taking loans they could not afford.

    “I believe the financial institutions willingly and knowingly allowed people to apply and receive credit at a rate higher than they could afford and this has degraded our economy,” said Steven Goode, an environmental health manager in Las Vegas, in a follow-up interview.

    Making an offer for a house, something often done in past generations with little apprehension, is now riddled with worry. Only 49 percent call it a safe investment, while 45 percent feel it is risky. In a market where prices are consistently dropping, there is no easy exit.

    “For the average person, it might not be a good idea today to buy,” said another respondent, Beth Lovcy of Troutdale, Ore., who bought a year ago. The value has already shrunk, but Mrs. Lovcy is unfazed. “It works out better financially than renting now because we can claim the interest on the mortgage.”

    As the housing market slumped over the last few years with a speed and magnitude not seen since the Great Depression, aspects of homeownership have been debated as never before. There are tough questions about the role the government should take. These include how much of a down payment lenders should demand, whether lenders should be restrictive or expansive in granting new loans, how much assistance to give those on the verge of foreclosure, and whether real estate will ever again be the retirement savings vehicle it once was.

    While the debate has been loud, there was little evidence of people’s views that went beyond the anecdotal. This poll offers a window onto widespread opinions at a critical juncture.

    Before the crash, housing was widely deemed one of the safest possible investments. Few experts thought there was the possibility of a nationwide downturn. But after it happened, the effects were widespread and painful.

    Diane Sherrell, a substitute teacher in North Carolina who retired on disability, traded up to a bigger house four years ago to accommodate an adopted son. “It’s been very difficult since then and we’re barely making it,” she said.

    Half of those surveyed say the market’s continuing downward spiral has affected their long-term plans. One in five people say the crisis has prevented them from moving to another city or taking a different job. Nearly one-quarter of homeowners say their home is now worth less than what they owe on their mortgage, a condition known as being underwater. Families in this predicament are much more prone to foreclosure if they suffer job losses or other setbacks.

    Over all, people are bleaker about the economic outlook than those surveyed in October. While most still think the current downturn is temporary, those saying it is permanent rose to 39 percent, up from 28 percent.

    In the last two years, the stock market has recovered strongly while house prices have gone sideways at best. Yet those polled dismissed stocks as a long-term savings vehicle in favor of a savings or money market account (22 percent), a house (26 percent) or a 401(k) or individual retirement account (41 percent).

    Who should be helped to buy is another contentious issue. Whether buyers need to come up with a 20 percent down payment — the standard for decades, but beyond the reach of many families now — is hotly debated. Fifty-eight percent of respondents say lenders should require this, while 36 percent say they should not.

    People who cannot pay their mortgage are foreclosed upon. If they can pay but feel that doing so is pointless on a property that has lost so much of its value, it is called strategic default. While two-thirds of Americans say strategic default is not justified, 28 percent think that it is.

    When houses are abandoned for any reason, it causes trouble for the neighbors. Three-quarters of those surveyed say foreclosures are a problem in their communities.

    “Our home is worth much less now because houses are foreclosing around us,” said William Mack, an assembly line worker in Taylor, Mich.

    Beyond all these ills, however, a persistent belief endures that the market will eventually improve and housing will regain its traditional importance.

    Donna Boyd, a transportation supervisor in Cuyahoga Falls, Ohio, acknowledged “it might take a long time” for property values to go back up.

    “But I don’t think I’m throwing my money away,” she said in a follow-up interview. “I rented for years when I was younger, and I just don’t like the idea of putting money in someone else’s pocket for something I will never own.”

    The nationwide telephone poll was conducted June 24-28 with 979 adults and has a margin of sampling error of plus or minus three percentage points for all adults.

    http://www.nytimes.com/2011/06/30/bu...poll.html?_r=1
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

  • #2
    People are just stupid. Government help is what got us into a housing bubble in the first place.
    Same thing with education, it has become priced beyond reach due to government help.
    filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

    Comment


    • #3
      Here's a link to a Rent vs. Buy calculator that may be helpful for some: http://www.nytimes.com/interactive/b...alculator.html
      There are two secrets for success in life:
      1.) Never tell everything you know.

      Comment


      • #4
        i just really worry about the youth of this country. i know their American Dream has to change. but it's just unfortunate that we are in such a deep dark abyss....

        homeownership......the new" enigma"????
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          Originally posted by debee View Post
          Here's a link to a Rent vs. Buy calculator that may be helpful for some: http://www.nytimes.com/interactive/b...alculator.html
          yes debee, i saw that calculator some time ago, i think there is a past thread about it.

          it makes sense to check what is the best for each individual situation. sometimes, depending, i think on your demographics, one's need to pick up and move for employment opportunities, renting is far better it today's financial and economical climate than buying.
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

          Comment


          • #6
            Originally posted by tobee43 View Post
            yes debee, i saw that calculator some time ago, i think there is a past thread about it.

            it makes sense to check what is the best for each individual situation. sometimes, depending, i think on your demographics, one's need to pick up and move for employment opportunities, renting is far better it today's financial and economical climate than buying.
            The calculator's been around for years. In fact I probably posted it on an old thread myself.

            Whether it's smarter to rent or buy definitely depends on geographical/individual circumstances -- and the house.

            We made 80K instant equity when we bought the REO we live in and we're saving over 10K per year because we'd pay that much more to rent this same house.

            There are some great deals out there for people in the right location, industry and circumstance.
            There are two secrets for success in life:
            1.) Never tell everything you know.

            Comment


            • #7
              Originally posted by debee View Post
              The calculator's been around for years. In fact I probably posted it on an old thread myself.

              Whether it's smarter to rent or buy definitely depends on geographical/individual circumstances -- and the house.

              We made 80K instant equity when we bought the REO we live in and we're saving over 10K per year because we'd pay that much more to rent this same house.

              There are some great deals out there for people in the right location, industry and circumstance.
              especially now, it seems to be a mobil family...go where the work is. when you own a house it ties one right down. i think there has been a few threads...http://www.bkforum.com/showthread.ph...buying+renting i think that one was a nytimes one as well....that one had a a break down by some cities.

              we know we aren't leaving here and don't much care about building equity any longer. odd for us...that word equity no longer mattering at all.
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

              Comment


              • #8
                Well, as time goes by you'll build some and when you're a little old(er) lady, your kids will be glad it's there. They'll need it so they can pay someone to put your bib on and feed you the soup.
                There are two secrets for success in life:
                1.) Never tell everything you know.

                Comment


                • #9
                  Had instant equity on what is now our out of state rental house because husband was the builder when we moved into it 5 years ago, now its 30,000 underwater because the housing has dropped so much in that area. We are surrendering that property in the chapter 7 and have missed our first payments (1st and 2nd mtgs) this month. Our current home is current on payments (loan mod since last June), was built by my husband 2 years ago (moved in 1 month before his very first lay off ever!), has about $70,000 in equity at this time and we are trying to sell it right now before our filing date (husband wants to try). Between the 2 of us (second marriage for both of us) we have both owned several homes in several states over the course of our lives (late 40's). We have come to realize that its just "stuff", can be built or bought again if we choose but right now they are both PIA's! We have decided that after the filing later this year and then he graduates next May we do not want to be tied down with "stuff" that is dependent with what is going on with everyone else. We will happily rent and let it be someone elses headache and have the freedom to move wherever my husbands new career will take us. Even our 8 year old tells us that as long as the 3 of us are healthy and together he is happy. We are proud of what we built and have been here over 2 years now but its time to move and do what we need to do, our homes do not define us. We also cannot wait around until the market comes back around as it is clear that it will be another 3 to 5 years before things right themselves.

                  Comment


                  • #10
                    We had to let go of rentals in our bk as well. We had instant equity when we bought both of those, but that was before the meltdown. They were both significantly underwater by the time we filed. We moved to an area with a completely different real estate microclimate - strong rental market, high rents, nothing under 600K is staying on the market, REOs under contract within three days of being listed, etc - while our rentals back in another part of the state dropped in value week after week. In fact property is still dropping in value there.

                    Anyway, good luck on the sale and the new career.
                    There are two secrets for success in life:
                    1.) Never tell everything you know.

                    Comment


                    • #11
                      Originally posted by debee View Post
                      Well, as time goes by you'll build some and when you're a little old(er) lady, your kids will be glad it's there. They'll need it so they can pay someone to put your bib on and feed you the soup.
                      ROFL!!!!!!! i'm not going with either of my kids...LOL!! nope, just kidding, i have great kids, but i don't want the bib...i didn't make them where them, so i hope they won't make me.

                      and, you are correct, it will build up on it's own. actually since we purchase it the oddest thing happened here in this sub division. we just had one of the houses sell for over 100k more than all the other houses??? now first we are thinking about those rip off stories etc. but since i'm on the HOA finance committee, i pulled the paper work and this is what i found.

                      this was again, (just like ours) an owner financed property, most likely sold to a person who could not get a mortgage. i don't know if you recall, but i was asking you about our english friends who were combatting immigration...actually, then ended up, soon after i posted that, and left two properties here, after owning one for over a dozen years and the other over ten years. it appears now the scotts and english are leaving in hords in our area due to some type of immigration reform??? which i still do not get, you reponded about that in a thread and i also looked into it and you were correct, they could have done something to stay. anyway, back to the house story, so come to find out, this house is indeed owned by one of those english families whom just up and left and now, since no one is getting mortgages here (i am certain there are some, but not many), these people could of course up the price to suit their price. after all, what is there to lose? a nice downpayment in one's pocket, monthly income for most likely years. giving someone a chance at homeownership that really wants it. looks like a win win. although everyone is talking about the price gouging. i say we'll see more of it, since we did the same thing and did pay more, but only about 40k and that was only because it had a brand new pool and screen...shoot, we knew that was worth the 40k anyway. also, we should have this mortgage paid off in ...and i know i'm pushing it..but i'm going to say 5 years max. that is the goal.

                      i just don't think we will see the type of equity this area once had. this house sold for $395K (without the pool) it was 5 years old, but sat empty for 3 of those years, so it was basically "new". the owner put the house on the market while we were renting it, but i talked him into an option to buy. asked for that option early, and upped his asking price the 40k if he'd hold the mortgage....went to family begged for money (a loan)...LOL!!! so we came up with over half down on the house.
                      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                      Comment


                      • #12
                        Originally posted by Drazil65 View Post
                        Had instant equity on what is now our out of state rental house because husband was the builder when we moved into it 5 years ago, now its 30,000 underwater because the housing has dropped so much in that area. We are surrendering that property in the chapter 7 and have missed our first payments (1st and 2nd mtgs) this month. Our current home is current on payments (loan mod since last June), was built by my husband 2 years ago (moved in 1 month before his very first lay off ever!), has about $70,000 in equity at this time and we are trying to sell it right now before our filing date (husband wants to try). Between the 2 of us (second marriage for both of us) we have both owned several homes in several states over the course of our lives (late 40's). We have come to realize that its just "stuff", can be built or bought again if we choose but right now they are both PIA's! We have decided that after the filing later this year and then he graduates next May we do not want to be tied down with "stuff" that is dependent with what is going on with everyone else. We will happily rent and let it be someone elses headache and have the freedom to move wherever my husbands new career will take us. Even our 8 year old tells us that as long as the 3 of us are healthy and together he is happy. We are proud of what we built and have been here over 2 years now but its time to move and do what we need to do, our homes do not define us. We also cannot wait around until the market comes back around as it is clear that it will be another 3 to 5 years before things right themselves.
                        i see you are now in north carolina. our daughter moved there last year and shoot, the prices are still really high there. i begged her to buy, lucky for her she never listens to me...LOL!! she wanted to wait to see if they liked the area and now her husband got laid off so they are picking up and moving closer to where she works....and he's going back for yet ANOTHER masters degree. they moved to nc for him to teach, and they get up and sell her house up north, or took a land contract on it, and moved down. he got laid off two weeks ago! he tried over 5 years to get a teaching job up north, nc had a ton of openings...wish they (my daughter and her husband) had wondered why there were so many teaching jobs open. we can answer that now, no collective bargaining....no protection of job...etc. and on and on.

                        lucky he's always worked at a funeral home as a second job ...kinda funny a big man like that wiping little 6 year noses by day and picking up dead bodies at night. anyway, his personality has always been best with the dead, however, another masters to be a director was going to cost them 30k, now in NC since he already has two masters they are going to certify him in an 18 month masters program for 5k!! one thing that never stops...people being born, dying and drinking!! ( i suppose those employed with toilet paper companies may be included with this group), but some things are simply not as effected when an economy goes south!
                        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                        Comment


                        • #13
                          Home ownership is still good if you wait until the current depression is at it's peak.

                          The current real estate bubble began to blow up 1999/2000 and once it's been fully deflated only then will it be a good move to get back into owning a home.

                          Just look at what's happening with so many Americans. College grads are getting low paying jobs (if they get any jobs), they are living home with parents a lot longer and in doing this their are less and less house holds being created.

                          Inflation and taxes are wiping out the middle class's disposable income, so fewer people can move and upgrade their current homes.

                          All this stagnation is keeping home prices depressed and will continue to decrease prices until McDonalds workers can afford a home.

                          My best guess is home values will crash to about 20% of their 2005 peak and at that time it will be a great time to buy a home.

                          See who says I'm always negative? The youth will own cheap homes while earning low income and their parents who caused the bubble will all be upside down in their homes.

                          Somebody wins somebody loses. The banksters will probably be the biggest losers since they won't have the resources to forclose on 100 million homes.
                          The essence of freedom is the proper limitation of Government

                          Comment


                          • #14
                            Originally posted by Bianca rotta View Post
                            Home ownership is still good if you wait until the current depression is at it's peak.

                            The current real estate bubble began to blow up 1999/2000 and once it's been fully deflated only then will it be a good move to get back into owning a home.

                            Just look at what's happening with so many Americans. College grads are getting low paying jobs (if they get any jobs), they are living home with parents a lot longer and in doing this their are less and less house holds being created.

                            Inflation and taxes are wiping out the middle class's disposable income, so fewer people can move and upgrade their current homes.

                            All this stagnation is keeping home prices depressed and will continue to decrease prices until McDonalds workers can afford a home.

                            My best guess is home values will crash to about 20% of their 2005 peak and at that time it will be a great time to buy a home.

                            See who says I'm always negative? The youth will own cheap homes while earning low income and their parents who caused the bubble will all be upside down in their homes.

                            Somebody wins somebody loses. The banksters will probably be the biggest losers since they won't have the resources to forclose on 100 million homes.
                            i very agree with so much you have stated.

                            one thing i find interesting these peeks and valleys vary as to what part of the country you live in. we have seen some states really not being effected as greatly as others in example unemployment stats or foreclosure stats...i.e. North Dakota ....and Vermont as examples...we don't see many on this forum from Wyoming..( see http://financialedge.investopedia.co...n-America.aspx for source info).

                            however for those states like Nevada, Florida, Arizona and much of Calif....i think we have just a bit to go before we hit that all time low (although i tend to believe at this point florida is at it's bottom, at least one would hope while seeing a once 800k home for less than 200k), but we'll have to wait it out to see.

                            the ONLY sails in this is when you stated...
                            Somebody wins somebody loses. The banksters will probably be the biggest losers since they won't have the resources to foreclose on 100 million homes.
                            not that i hate banks for no reason. i have good reason, a solid and good foundation for my hatred of the banking industry and their greed. i don't want to list all my reasons, but, i'm certainly most can make their own personal lists and we would match up like the match came....or family feud...LOL!!
                            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                            Comment


                            • #15
                              Bottom line....politics and greed found a way into America's sacred investment vehicles. Individuals and families from all walks of life could work hard, save money and purchase a home. Over time that investment would grow through sweat equity and a would increase in value "naturally" over time...the good times and bad. Real estate was a safe place for the commoner to build wealth for his family and offer the security and stability that families need.

                              As I look back 13 years ago when I bought my home, I saved money for a down payment, used equity I had in my prior home, a stable job and decent credit. These basic fundamentals of a mortgage seemed to have been lost some five years ago. Last November, I put the home on the market due to a job relocation. In May an offer was put on the home....I paid $140k in 1998....in 2011 the offer was $102k. I wasn't expecting to walk away with any money...except maybe the mortgage paid in full! Three CMA's revealed it was a semi-fair offer.........13 years and my home was worth $38k less than I paid for it!

                              Times are tough and sh1t happens...I'm an adult, sometimes you loose......but at the scope of disaster for the housing market is beyond what I could have ever imagined. Politics and greed allowed so many companies to write loans that they knew could never be paid, although they continued.....they had no reason not to. They immediately sold the loans to the government and walked away with billions in fee's and commissions. You probably have noticed that the all the strip mall mortgage companies no longer exist....I wonder why. I have many friends that bought during this time, some of whom are still in the home making payments....some walked because the interest reset or they were stupid and bought 2X what they could afford, in hopes of a better future.

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X