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Good News is a relative term... I consider it Good News when prices fall to historically affordable levels. Still not quite there yet, but just give it some more time.
Good News is a relative term... I consider it Good News when prices fall to historically affordable levels. Still not quite there yet, but just give it some more time.
Keep wishing for that and you quite possibly will find yourself in a town full of depressed people do to massive economic losses of many. I understand wanting to get an affordable home, but at the expense of others happiness and well being. Ick.
Keep wishing for that and you quite possibly will find yourself in a town full of depressed people do to massive economic losses of many. I understand wanting to get an affordable home, but at the expense of others happiness and well being. Ick.
I feel nothing towards people who knowingly stuck their neck out and bought homes they could not really afford by taking on 3-5 years of interest only payments(or worse).
There are relatively few cases of people who legitimately could afford their house and defaulted due to continued unemployment.
In fact, a person in Los Angeles who has a mortgage within acceptable for their income level could pretty easily pay their mortgage with unemployment + renting out a room. A two income family that lost their jobs and holds a reasonable mortgage for their income level should in most cases be able to afford their mortgage payments on unemployment.
For reference, its $450 a week cash for unemployment in California so two wage earners =$3600 a month, or the after tax take of someone who makes about $75K a year.
Keep wishing for that and you quite possibly will find yourself in a town full of depressed people do to massive economic losses of many. I understand wanting to get an affordable home, but at the expense of others happiness and well being. Ick.
The housing bubble was not a good thing, whatever the temporary benefits to some. Through absurdly low rates, relaxed lending standards and cutting-edge financial products, yes, more people were put into homes than previously had been. But the idea of "affordability" was actually the chain used to transform homeowners into "debt slaves." With no regard to the fact that the principal would actually have to be paid back (wow, what a concept), people took on more debt than they should have and were not acting in their long-term interest. I honestly think falling house prices, in line with actual (not stated) income, is a very Good Thing. Managing personal finances intelligently and not allowing oneself to be swindled by lenders/banks/the govt. is also a very Good Thing. Don't blame those of us who have managed our finances well for the current situation. Wishing for financial sanity to return to the market is not the same thing as wishing ill-will on others.
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Confidence
