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I hate it when the media write these stories of woe & don't do their due diligence on the reporting. I do not feel sorry for these people. I have a very simple solution to their tale of woe: CUT YOUR PRICE AND THE HOUSE WILL SELL.
Let's see. The first seller in the article listed the house ages ago for 829k, no bites. 700-something, no bites. 699k, no bites. Hmm, could it be that the house is overpriced? No, of course not, I'm sure she has 1,000 reasons why it's not.
This article just makes me sick to my stomach. I love the quote from the realtor who says that she has some listings "priced very well" that are still sitting. That is probably the case for a tiny percentage of the listings, but most are just simply overpriced. And that is why these people are "trapped".
As much as I hate Gov't programs, I do think people -- as early as high school -- need to be EDUCATED about what it means to buy a home and all the expenses associated with owning a home. In addition to greed, I think this run up in prices was fueled by ignorance and ignorance is keeping the prices high. I am astounded how ignorant the gov't is in responding to the problem -- or perhaps devious as they are try to keep their particular constituency happy.
The person the OP referenced I think bought the house for $259k in 1997. And put in like $50k in renovations. (someone on this forum in another thread looked it up) They are not stuck in the house. They are stuck in the mindset that there house is worth more than it is.
There's no doubt public education is failing to teach life lessons and how to succeed. It's wonderful to know how to do algebra and be able to name the capitals of all 50 states but what good is it if overlook what it takes to succeed in life? Where's economy 101, current events, things that would helpful to have a basic knowledge of...
In the end, these people will be paying off the banks forever and will always be on a short leash...
I would'nt want to live like that. I love watching this unfold! The big surprise ending will be how those of us fiscally responsible will be free, the others will be like slaves on a plantaion.
Where's economy 101, current events, things that would helpful to have a basic knowledge of...
First you ask yourself "who really runs the country?" I'm teaching my kid all this stuff, so he won't become another one of the corporatocracy's slaves.
The big surprise ending will be how those of us fiscally responsible will be free, the others will be like slaves on a plantaion.
It could well end up the opposite. There's a good chance the masses will have their mortgages pared down by the courts. And inflation will wipe out savers who don't switch to real assets in time.
It could well end up the opposite. There's a good chance the masses will have their mortgages pared down by the courts. And inflation will wipe out savers who don't switch to real assets in time.
This may be how it ends up if socialism kicks in further. If not inflation turning the savers back into economic slaves, increased taxes might.
Heiwos makes a point. It may end up that the responcible ones are forced to take care of the laxy lazy.
I don't see who is sitting pretty right now, regarding what could be laying in wait up ahead.
It's already in this stimulousbill, that those paying Federal Income taxes will be subsidizing the mortgages for some those who can't afford theirs anymore.
Sometimes, I think the only real ticket to freedom from economic slavery, is to cash out, buy a sail boat, out fit it with wind, solar and a water maker, and sail off to a remote island and live off of fresh fruits and fish.
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