" it's their own fault the market is in the condition its in - not the home buyer's." There's a fair bit of blame to around here.
" it's their own fault the market is in the condition its in - not the home buyer's." There's a fair bit of blame to around here. Lenders should not have been lending to unqualified individuals or pushing unreasonable loans. How come nobody ever mentions the Realtors in this process of looking for fault? They were generally most intimately familiar with their clients' finanacial states - working with them for weeks and months at a time, as opposed to a few hours that a finance company spends making a decision. Realtors abrogated their responsibility to their clients' best interests in the name of getting bigger & bettter commissions - because whether their clients could actually afford to keep the overpriced properties they were selling wasn't their problem. Finally, would-be home owners could have applied a healthy dose of common sense. It just took a little bit of research to see that houses were overpriced, and that there was zero logic in a 5 year ARM with a balloon payment under which you spend the first five years paying only a portion of the interest. That a $3000/mo mortgage when living from paycheck to paycheck is not a good idea. Yet millions did these things anyway, hand-waving at the future in order to get that extra square footage or in order to gamble something they didn't have on the hope that the unreasonable prices would continue for another five years. It may be that it's only luck and timing that stopped me from being one of those people - I don't know what I would have done had I been looking for a house in the mid-2000s (I bought mine in 2000 when prices were relatively sane). But I like to think I'd be taking responsibility for my own bad decision if I made it. No matter who was pushing me towards it.
Posted by GrinningFool on Jun 24, 2014, 5:19 PM
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It can be a nightmare to sell a chunk of your business to outside investors.
Congrats on the move to Google!
The federal government hasn't even lifted a finger to control undergrad education costs.
Nice to see someone addressing this annoying problem, I'm seeing first hand bot traffic go up as they are just gobbling up data.
Why is there no standardized e-ID in the US?
There's an unmet need in social networks for "identity verified and protected", wherein the social network proves to a reasonable^ degree...
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" it's their own fault the market is in the condition its in - not the home buyer's." There's a fair bit of blame to around here.
" it's their own fault the market is in the condition its in - not the home buyer's." There's a fair bit of blame to around here. Lenders should not have been lending to unqualified individuals or pushing unreasonable loans. How come nobody ever mentions the Realtors in this process of looking for fault? They were generally most intimately familiar with their clients' finanacial states - working with them for weeks and months at a time, as opposed to a few hours that a finance company spends making a decision. Realtors abrogated their responsibility to their clients' best interests in the name of getting bigger & bettter commissions - because whether their clients could actually afford to keep the overpriced properties they were selling wasn't their problem. Finally, would-be home owners could have applied a healthy dose of common sense. It just took a little bit of research to see that houses were overpriced, and that there was zero logic in a 5 year ARM with a balloon payment under which you spend the first five years paying only a portion of the interest. That a $3000/mo mortgage when living from paycheck to paycheck is not a good idea. Yet millions did these things anyway, hand-waving at the future in order to get that extra square footage or in order to gamble something they didn't have on the hope that the unreasonable prices would continue for another five years. It may be that it's only luck and timing that stopped me from being one of those people - I don't know what I would have done had I been looking for a house in the mid-2000s (I bought mine in 2000 when prices were relatively sane). But I like to think I'd be taking responsibility for my own bad decision if I made it. No matter who was pushing me towards it.
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