Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Home loans to too many people who weren't responsible enough to own one. (Many were responsible people who simply hit hard times ~ they're not the ones I'm targeting with this comment). It was a hard lesson to realize that NO, not everybody has a RIGHT to own a house if they're not ready to take on such a big responsibilty.
Realtors. Personally, I think a federal law should be in place to enforce caps on how much a house can sell for. If a house is worth 250,000 then that is what it should sell for ~ not the b.s. of greedily grabbing twice as much because someone just happens to have more money to burn. This is perhaps the primary reason why homes have become unaffordable. I don't buy the "supply and demand" theory.
The bottom line is this. The lending rules were rewritten to permit people that otherwise would not qualify for standard fixed rate mortgages to obtain variable rate mortgagea with a balloon payment at the end of the loan. The sub prime mortgage fiasco is just another step beyond those initial changes from fixed rate to variable rate mortgages.
The recession that is going on right now in the rest of the Country has yet to be felt here where i live people and business are spending like no before. business is booming and the number of $500,000+homes is going up. the community is expanding its art and sports programs.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.