Quote:
Originally Posted by justinstrife
Sticks and stones nosauz. Just stating what I've seen happen far too often. California had one of the biggest increases in home prices of any area in the country. It also has some of the highest foreclosure rates. Obviously there were some who didn't bite more than they could chew, but I would wager my supercharged corvette that a majority did.
The majority of Americans are not the sharpest tools in the shed, and are not exactly known for being responsible either. Near half don't even pay Federal Income Tax. A very high percentage get some kind of Governmental assistance.
Many have walked away from their homes strictly because the home is now not worth what it was when they purchased it. Rather than sticking it out and paying the loan off, and waiting for housing to gradually go up in time, they would rather walk away from it. Friend of mine from HS had debated that after buying a bloody condo for 320k and now it's worth half. I haven't talked to him since he told me his plans as I had lost all respect for him.
Since when were homes suppose to be a short term investment? The fact is, you don't lose money on your house until you try and sell it. Once upon a time, people stayed in the same home for 20-40+ years. They weren't changing homes every 5-10 years like what is so often nowadays.
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again claiming causation when you have little to know proof. Because people are on government assistance then they must be fiscially irresponsible. I really don't understand if you are trolling or just plain don't understand the basic underlying principals of statistics. The reason why people don't live in their homes for 40+ years anymore is because in one persons working lifetime the tend to change jobs 3-4 times in that period of time. In a world where the lowest of the low can be cut to boost quarterly earnings how can you expect people to maintain their jobs long enough to stay in a house for 40+ years. Again all you do is say, poor people, rabble rabble, and nothing else.