Do not want to own a house again

[13inOR]

Again, I think that depends on your area. I am amazed when I read on here how many homeowners are in areas where you just can't sell your home. That is unheard of around here, yet I know now that it can happen other places. Stuff is sold here LITERALLY before the sign hits the yard. I have been here since 1981 and there has been a steady increase, never once a decrease in property values.
Of course, its been even more pronounced the last few years, but has been on the increase the whole time, nonetheless.
Of course I know there is no guarantee and whats a nest egg for some may
be a millstone around the neck for others, I don't underestimate or disrespect that at all.
It is just interesting to see how it can be so different from one place to another.

[debtisbad]

Time,

I agree. We are at a critical point in our economy where it does not make economic sense to buy. Renting is far less than buying. Now, I know this does not apply everywhere, but I am talking the fast growing locales where everyone is locating to. I grew up with the notion that one always has to buy. Many others (in my age bracket, believe the same). However, that was when one spouse worked and the cost of the house was maybe 2 or 2.5 times the income. We are far past that point. Plus, everyone moves on average every 5 years, no one (for the most part) knows their neighbors anymore. It is just a totally different era. These are just my observations.

[BassBoy]

My observation is that the appreciation of homes in some areas has become obscene. It's to the point now where a middle class income family can not afford to buy a home in a middle class neighborhood. This is really difficult for those who have children and want them to attend a good school system.

[13inOR]

I know--I mean think about it, when even a small starter home starts at $260,00 like they do here, and I know in California its even worse, how does
a young family do it?
Just last night my husband was reading the paper and said, look, they are calling this affordable housing, and its still $279,000! I might add, it was also in not that great of a neighborhood either.

In most cases, they wouldnt have much of a down payment, if any, and the house payment would be over $2000, which is huge when you consider a lot of times their wages arent that great either.

Its good if you already own a home, but I feel really sorry for those starting out, Its really next to impossible to get into something. I think they probably have to go over their heads to do it, with interest only loans or something, which is going to come back to haunt them later. It is sad.

[BassBoy]

I think they probably have to go over their heads to do it, with interest only loans or something, which is going to come back to haunt them later. It is sad.

My opinion, the mortgage lending industry (i.e., CountryWide, Full Spectrum and those of the like) are the reason this is happening. In the past, if you couldn't approved for a home loan at a bank (i.e., KeyBank, National City, Fifth/Third and etc.), you couldn't get a home loan no matter what bank you applied for a loan with. These days, the mortgage lenders (i.e., Countrywide, Full Spectrum and those of the like) are giving loans when applicants really shouldn't have one. Also, in the past, you couldn't borrow 100% LTV, but these days, one can borrow 100% LTV, thus, making the payments too high for a 2 income family to reasonably afford. Oh, and if you miss a week of work due to illness, you run into trouble.