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Yes, life will go on. Hopefully, back to a time in our country's history where people did not feel entitled. How about a time when people actually saved enough money to buy a house with > 20% down or when a purchase was put off until it could be paid in cash instead of revolving credit.
My point was that we should not be spoon fed by the government or corporations on how to live our lives and spend OUR money (although, I get this sickening feeling that the gov't will soon be reaching deeper into my pocket).
I agree, virutally, with everything you say here. I am talking about those very folk. But this situation has definately created a panic state of mind in many, middle to upper to wealthy class folk as well, and we all know it's because we are paying for the mistakes of the irresponsible who had absolutely NO risk in the game of both financials and RE. And I believe most banks/mtg lenders are now requiring at least 10%, but strongly encouraging 20% down and loans are being underwritten very carefully now. Home buying for many in this nation has always been like that. Honestly, we were so young and naive once, we didnt' even THINK we could try to purchase a home unless we had saved enough money for a decent down payment. We've never put less than 20% down, ever.
I would like to think there are more like us than what we keep hearing about, at all price levels. And now that the lenders have been smacked in the face for their part in this, I think it would be a long time, if ever, before we see irresponsible lending/borrowing like it was in the early to mid 2000's. People from all walks of life got in the RE market, having NO business doing so with the promise of the ability to get that dream home they didn't have to work for or invest in. hell, they even were able to make up their income to fit the criteria- which was NO criteria. As to the government; I remain nuetral. I have agreed with some decisions and disagreed with others but as a whole, this administration was in a lose/lose situtation from the start. O'Bama is not a magician who can magically just make it all better over night. Neither would any republican have been, McCain or otherwise. We have to just keep moving forward as a nation, and if able to help make it a prosperous nation again means it's back to entitlement, then so be it. I guess this time to be "entitled" will have a different set of rules, however!
You do what you have to do for your particular circumstances. It's as simple as that.
Those who have the proverbial 'dime' to their name and truly understand the current artificiality of the financial markets are not buying into the hype.
'Sheeple' who have caved and bought into the hype have lots of company.
I don't agree with many of your views, Flat, but have to say I do agree and understand what you are saying in this post. However, there are many "sheeple" who have made incredible wealth because they bought into the "hype" at the right time. Buy low- sell high, it can and likely will happen again. There is lots of "company" in that camp as well. It goes both ways.
You do what you have to do for your particular circumstances. It's as simple as that.
Those who have the proverbial 'dime' to their name and truly understand the current artificiality of the financial markets are not buying into the hype.
'Sheeple' who have caved and bought into the hype have lots of company.
Yup.
I have NO confidence in the stock market here (or in the UK for that matter).
When the Government is printing money and putting it goodness knows where I'm not taking any "Stock Market Rally" at face value.
My way of investing in the economy is to support small, independent local businesses where possible, to ensure that I remain debt free, and to invest in our home by making energy saving improvements that will also save us money long term.
Anyone who fails to look beyond the headlines spoonfed to them by the mainstream media is fooling themselves.
Last edited by London Girl; 06-06-2009 at 07:47 PM..
the house we're buying sold new for 519 in 2005 (and the homebuilder was a local premium builder) and we're paying 370 for it. it's a foreclosure. we're feeling pretty confident that we'll do ok with holding the value we got it at.
I agree, virutally, with everything you say here. I am talking about those very folk. But this situation has definately created a panic state of mind in many, middle to upper to wealthy class folk as well, and we all know it's because we are paying for the mistakes of the irresponsible who had absolutely NO risk in the game of both financials and RE. And I believe most banks/mtg lenders are now requiring at least 10%, but strongly encouraging 20% down and loans are being underwritten very carefully now. Home buying for many in this nation has always been like that. Honestly, we were so young and naive once, we didnt' even THINK we could try to purchase a home unless we had saved enough money for a decent down payment. We've never put less than 20% down, ever.
I would like to think there are more like us than what we keep hearing about, at all price levels. And now that the lenders have been smacked in the face for their part in this, I think it would be a long time, if ever, before we see irresponsible lending/borrowing like it was in the early to mid 2000's. People from all walks of life got in the RE market, having NO business doing so with the promise of the ability to get that dream home they didn't have to work for or invest in. hell, they even were able to make up their income to fit the criteria- which was NO criteria. As to the government; I remain nuetral. I have agreed with some decisions and disagreed with others but as a whole, this administration was in a lose/lose situtation from the start. O'Bama is not a magician who can magically just make it all better over night. Neither would any republican have been, McCain or otherwise. We have to just keep moving forward as a nation, and if able to help make it a prosperous nation again means it's back to entitlement, then so be it. I guess this time to be "entitled" will have a different set of rules, however!
fmv, if the banks were requiring 10% deposits, real estate would've dropped a further 30%. if they were looking for 20% real estate probably would've gone down even further, like 50-60% further. the reality is that there are still 'no money down' mortgages. there are still 0% credit card deals out there and other forms of consumer credit are as available as they've ever been. that is the reason that real estate remains insanely out of whack with income.
the govt is moving feverishly to create the illusion that they're doing something about this irresponsible lending and borrowing. nevertheless it is just an illusion. you cannot stamp out irresponsible lending on one hand and then tell the people that you're working hard to get the banks to lend again. it simply doesn't make any sense.
the real issue here is that obama doesn't have the political courage to do the right thing. to be fair to him, neither would john mccain have had that courage.
The next wave is on its way and it could be the worst one yet.
This slight recent uptick in activity will come to an abrupt end when the seasons change, the tax credit expires, and the option arms come due.
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