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EricBess
Guest
We bought in 2004 and currently owe about $150K more on our house than it now appraises at. I think it is great that housing prices are more realistic right now and I wish you luck with your purchase. It is a great time to buy a house. I just wish it weren't on the backs of all sorts of people (like me) who tried to do everything right.train;289581 said:(man - I'll see if I can catch back up on this one...)
But - for the record - as we will be first time home buyers soon - I like the market and what has happened recently...
Not that I want any of our members affected negatively... but- you know...
When I bought, I wasn't "pressured", but I was told not to worry about qualifying and to buy whatever "I felt like I could afford" and they would make sure that the qualification was there.
Spidey - to your point, I think this just proves what I am talking about. Sub-prime loans were available, but not such a big deal prior to 2000 because prior to that, they were mostly used for the purpose that they were intended - to get people into a house that couldn't otherwise afford it. Somewhere around 2000, lenders or speculators, or someone started realizing that they could also be taken advantage of in other ways, so they became more and more widespread.
Point being - government introduces certain things with a specific purpose (and noble intentions), but people (being greedy), use them in other ways, and the next thing you know, there is some "unforeseen" crisis.