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Old 06-13-2009, 06:36 PM
 
Location: Waxhaw, NC
494 posts, read 1,180,801 times
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We had 3 showings today...guess that means people are seeing that they should buy now...or else!
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Old 06-13-2009, 06:36 PM
 
Location: State of Being
35,885 posts, read 67,023,037 times
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Originally Posted by sheenie2000 View Post
Do you have a source on this that Gen Xers were wanting something so big? The issue anyway though isn't size, it's whether one can afford it or not. To me, it seems like the boomers expected their homes to appreciate exponentially and expected us Gen Xers to magically be able to purchase an overpriced home.

When my parents bought a home in the 80s, they were able to do so on one income (and this was in Westchester NY which is a suburb of NYC!). That wasn't the case during the bubble. Finally now home prices are coming back down to affordability levels.

So while unfortunately the boomers are getting screwed (and whoever bought at the height of the bubble), the new group hopefully will have a much easier time affording homes based on their incomes.
Yes, I have read this stat somewhere along the line - that Gen Xers have been the first generation to buy larger and more expensive starter homes than any other generation before them. Part of that may be that for the last 7 or so years, mortgages were easier to qualify for. Generations preceding Gen Xers had to save up 20% for downpayments for decades previous to credit being loosened up. Also, I read where foreclosures were highest amongst Gen Xers, but again, that could be b/c they were given bigger loans than they should have been given (due to no doc loans, no $ down, etc).

I don't think Boomers have gotten screwed on houses. Most Boomers would have started out buying houses back in the 70s, and if they had been buying up and/or paying off over 25-35 years, they should be in good shape at this point (as far as housing).
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