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Old 11-01-2008, 03:56 AM
955 posts, read 1,958,873 times
Reputation: 401


We hear with anguish in the tone of writers about the houses under water "crisis". Anyone ever buy a new car? Guess what? Since the car loan was invented, buyers drove out of the showroom "under water". Yes, friends, the value of their brand new car when they drove it home just became less than they owed on it.

Perhaps people should have been walking away from those worthless cars in the same way that it is now "justified" to either walk away from a loan for a place where people sleep every night or expect that "government" subsidize the difference.
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Old 11-01-2008, 02:23 PM
Location: Fredericksburg, Va
5,198 posts, read 13,418,835 times
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1st, a home is supposed to be a place to live--as long as you can afford the payment, it's valuable to you, regardless of the market value. This is where we got into trouble--folks trading homes like stocks and other "securities".
Over time, homes do increase in value, but that's not the point of owning one! You have to live somewhere...and a nice home that you can afford is the way to do it!
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