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Yes, and using the opportunity presented by the chaos to scoop up values helped matters considerably for those who didn't run screaming for the exits.
Well I was focusing more over not letting market conditions force you to sell and just staying the course. I am sure many have bought cheap and that it has worked out well this time.
Anyone who kept their investments and didn't sell have seen a very nice recovery percentage wise no matter how much money you had invested.
Sure, those of us who remain can could gloat about our good fortunes. I could brag about my rock bottom buying opportunities, but I won't. Average Joe six pack got hosed. A lot of them were forced to sell at fire sale prices just to make ends meet. Many lost big on their largest investment, their homes. Basically, they did what was considered normal and went all in on real estate, as many generations have done before them. Hard to blame them when the odds were always in their favor.
Sure, those of us who remain can could gloat about our good fortunes. I could brag about my rock bottom buying opportunities, but I won't. Average Joe six pack got hosed. A lot of them were forced to sell at fire sale prices just to make ends meet. Many lost big on their largest investment, their homes. Basically, they did what was considered normal and went all in on real estate, as many generations have done before them. Hard to blame them when the odds were always in their favor.
100% wrong....
They got hosed because for several reasons...
1. They bought more house than they should and used it like an ATM.
Home prices in history appreciate near the rate of inflation. Scum like the NAR promised housing values would double every six years and gullible homeowners bought into it thinking they would cash in..
It was greed all around and people thinking the good times would always last...
It is not hard to blame people at all..they let their emotions get the best of them and have no one to blame but themselves....
Sure, those of us who remain can could gloat about our good fortunes. I could brag about my rock bottom buying opportunities, but I won't. Average Joe six pack got hosed. A lot of them were forced to sell at fire sale prices just to make ends meet. Many lost big on their largest investment, their homes. Basically, they did what was considered normal and went all in on real estate, as many generations have done before them. Hard to blame them when the odds were always in their favor.
The investment types are cheering the whole notion of government pumped up market values when even the not so bright are now realizing the fact of it. Yes, you could always make money from the misery of others, it's the number one principle of capital economic theory. Money moves to cheap labor markets, and presto, profits.. Money also multiplies itself through the magic of interest bearing notes, buying low and selling high, and a number of other games that basically utilizes the full control of laws that would otherwise inject some fairness into an economy. "It's just bidness" as they used to say about the human slave labor markets in the south. Low wages, poor education, and poor health are the cornerstones of so many profitable enterprises, but most American's see business as some kind of benevolent source of everything good, so much so that they often vote against their self interest. Recovery? Hell, for the rich there was never anything to recover from....
The investment types are cheering the whole notion of government pumped up market values when even the not so bright are now realizing the fact of it. Yes, you could always make money from the misery of others, it's the number one principle of capital economic theory. Money moves to cheap labor markets, and presto, profits.. Money also multiplies itself through the magic of interest bearing notes, buying low and selling high, and a number of other games that basically utilizes the full control of laws that would otherwise inject some fairness into an economy. "It's just bidness" as they used to say about the human slave labor markets in the south. Low wages, poor education, and poor health are the cornerstones of so many profitable enterprises, but most American's see business as some kind of benevolent source of everything good, so much so that they often vote against their self interest. Recovery? Hell, for the rich there was never anything to recover from....
The wealthy got hit the hardest in the Recession for obvious reasons. They have/get most of their wealth in the markets and that got tanked. Staying put they also obviously came back the most and the quickest. There are more studies and articles about it to read for a life time. The housing market got hit and is coming back much slower. Middle class families etc had their wealth in housing thus the wealth gap has gotten greater.
1. They bought more house than they should and used it like an ATM.
Home prices in history appreciate near the rate of inflation. Scum like the NAR promised housing values would double every six years and gullible homeowners bought into it thinking they would cash in..
It was greed all around and people thinking the good times would always last...
It is not hard to blame people at all..they let their emotions get the best of them and have no one to blame but themselves....
Correct. 2nd, 3rd mortgages meant they borrowed based on an UNREALIZED gain. That is INSANE and has always been INSANE.
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