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People can opt out from overpriced housing. Not all decent educational outlets for children are found in overpriced-housing funded districts. But I see it every day in at work. Peers living in 275-300K behemoths in the South complaining about how the neighborhood is " going downhill" because people park their 5th toy car in the street and make it difficult to navigate the ticky-tacky narrow street in ticky tacky McMansionville. Voluntarily yoking themselves and mortgaging their relationships for a piece of granite countertop. Fools... And half of these folks don't even have kids yet. I'm saving a crapton by living in a " bad school district". Pop a kid? You got 6 years to find the cheapest house in the good school district...I digress.
If people would only wise up and not let themselves be talked into buying something they neither need nor can afford, then housing would settle down. The problem is that too many think they 'need' more than they do.
Eleven years ago when I was looking to move from Michigan to southern Nevada, I had one agent trying to tell me I could get a "better" place in a "better" area if I would sell what I owned in Michigan first. He simply could not understand that I liked the area I was looking in and wanted to keep the other property as a rental for a few years. I switched agents and bought the condo I now live in and have never regretted it.
I own two houses, both paid for.
I bought what I was comfortable paying the mortgage on, nothing more.
Were they the best houses in the best neighborhoods, no, but that wasn't what I was looking for.
I wanted public transport for work and a reasonable mortgage.
Nothing more.
As Geithner testified to congess the easy credit allowed many that should never have bought or thought about owning a home to do so. He pointed out that the national average for decades as been at 65%.The government programs are not designed to save those that can not afford the home that bought he said. The american dream of homeowenership turn mitemre for the simple fact that not eeryone can afford to buy a home basically.But homw ownership is only a part of the american dream IMO and it has turned the overall american dream into a nitemare for those that bit what they couldn't chew.Some may have been part of the future 65% later but may be much more difficult now or impossible.
Hindsight2020, MsMcQ, chielgirl, excellent comment all of you. Rep+ all around.
People need to buy smart, but what they need and can afford, and when this is done one can look at today's housing market as an excellent opportunity if that fits your goals.
People need to buy smart, but what they need and can afford, and when this is done one can look at today's housing market as an excellent opportunity if that fits your goals.
However, the government shouldn't still be allowing purchases with less than 5% as a down payment (FHA and VA).
Way too many people who had no business buying houses did. Somewhere along the line people were convinced that home ownership is something everyone should have.
Way too many people who had no business buying houses did. Somewhere along the line people were convinced that home ownership is something everyone should have.
kinda like those fancy new cars.
Holy cow, folks are financing them for 7 years now?
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