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Old 10-18-2008, 01:01 PM
 
Location: mn
305 posts, read 886,920 times
Reputation: 125

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What does everyone think about all the house foreclosures in your state? Why is this happening so much? Who is to blame?
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Old 10-18-2008, 04:13 PM
 
Location: Portlandia "burbs"
10,234 posts, read 14,000,811 times
Reputation: 25889
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.
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Old 10-19-2008, 07:17 AM
 
5,728 posts, read 9,099,645 times
Reputation: 2470
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.
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Old 10-19-2008, 05:25 PM
 
Location: Western Hoosierland
18,264 posts, read 7,286,220 times
Reputation: 5943
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.
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