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Overall I agree with you, I was just wondering why you chose interest rates and gas prices with so many other factors out there... like how you point out the northeastern property taxes are reeeee-tard-ed.
I think it's too easy to look in the rearview and monday morning QB holding out until prices came down - because it wasn't just the credit bubble, the tech bubble led up to that so we essentially were riding multiple bubbles by the time 2005 rolled around and you may have had time to "get out".
For the most part, it's the ones who entered the housing market at around that time who are suffering the most. Now we can argue all sorts of angles from guns to heads to predatory lending to plain ole irresponsibility. But at the end of the day it was the wild west and a good many people profited during that time based on plain simple lucky timing. Those folks weren't automatically "better" then the guy who signed for the same exact property at the wrong time and got in over is head.
Don't even get me started on my banker rant! lol you know me...
It is easier to look back, I agree. But I don't know, for me personally, when I was offered a variable rate mortgage, I KNEW the risks of a 7/1 ARM. I hear horror stories of people "not knowing what they were signing"...well HELLLLO! What the hell we're you doing??? Ignorance is no excuse like some on here portray....I'm sorry, but to me that doesn't fly, and goingdownsouth's posts is more of the same tired stuff to me.....
It is easier to look back, I agree. But I don't know, for me personally, when I was offered a variable rate mortgage, I KNEW the risks of a 7/1 ARM. I hear horror stories of people "not knowing what they were signing"...well HELLLLO! What the hell we're you doing??? Ignorance is no excuse like some on here portray....I'm sorry, but to me that doesn't fly, and goingdownsouth's posts is more of the same tired stuff to me.....
agree 100% To sum it up, irresponsible people took the bait.
Don't paint a picture of me being "extreme" because you don't have your financial house in order.
Ok, say you "entered" the market in 2005. At the worst, you could've waited a couple more years and saw the writing on the wall where housing was going. No one forced you to buy at that time. There were plenty of people who rented and now are benefiting.
Please explain how you are different than anyone else.
My financial house is A-ok, and I did wait many, many years to enter the market. I am speaking up for the dozens of people I know, my generation, people who came of homebuying age over the last decade, who have been hurt by the housing bubble through no fault of their own. I have this quality that you seem to lack; it is called empathy, and another is intellectual honesty. You make it sound like everybody refinanced to go out and buy an Escalade, when really the average Joe was just trying to get by and take care of his family.
My financial house is A-ok, and I did wait many, many years to enter the market. I am speaking up for the dozens of people I know, my generation, people who came of homebuying age over the last decade, who have been hurt by the housing bubble through no fault of their own. I have this quality that you seem to lack; it is called empathy, and another is intellectual honesty. You make it sound like everybody refinanced to go out and buy an Escalade, when really the average Joe was just trying to get by and take care of his family.
Trust me, I have plenty of empathy and intellectual honesty. I just don't make excuses like you, and pass the buck/blame others like most of america does today.
The overwhelming majority of people don't know how to manage their money. They don't have a budget, or heck, don't even know how much of their gross income goes to taxes....and don't give me the excuse "they don't make enough money". That's bullshizzle. Look online (or listen even to Dave Ramsey), and you'll see how people can truly sacrifice.....it can be done if you want it bad enough....
You take that ignorance, and you tag team it w/liar loans and very easy cheap money from a couple years ago, and voila, the people who were smart w/their money are paying for the people who exumed financial bad behavior.
Yes. You can be ignorant of certain facts and still make an honest argument. Intellectual honesty/dishonesty occurs when you are aware of those certain facts, but do/do not acknowledge the facts that do not support your argument.
Every responsible person on this thread has taken a financial hit. The down slide in RE prices now are very likely at a point "below" where they "should" be. Overcorrection naturally follows a bubble.
.....Intellectual honesty/dishonesty occurs when you are aware of those certain facts, but do/do not acknowledge the facts that do not support your argument.
So you were made aware of the fact of the real cost to purchase a home 30 years ago where your characterization was completely wrong. Yet I didn't see you make any acknowledgement of it.
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yep
