“JC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!”
Ok MG. We’ll all just go right out and ask our bosses for raises so we can afford to buy a house in this market.
Right…
You’ve stated a lot of the right reasons to be upset about this housing bust, but I think you’re directing your frustration in the wrong direction. The market will correct. Housing, stocks, whatever the market, someone always gets left holding the empty bag at the end of the cycle. They can only feel sorry for themselves for so long before they have to move on.
Start moving.
What I really don’t get is where the sentiment is coming from. These people that are supposedly losing their houses have’t been fired or laid off (yet?). They aren’t just being sent out to the streets and left to rot. They still have the means of supporting themselves and their families. Shoot, the rental market should be a breath of fresh air after paying their previously insane mortgage payments before the foreclosure. They’ll have plenty of excess income to save up and buy a house the old fashioned way once the forecloser drops off their credit records in 7 years. Wow. What a penalty, huh?
A lot of these so-called “victims” are making out like bandits, walking away with 10’s and even 100’s of thousands of dollars in toys that they won’t pay anything on past the taxes, if that. Whatever the circumstances, I refuse to have any sympathy for those that lost or will lose their shirts buying into housing as an investment rather than a place to live.
Speaking of people that are out of a house because they can’t afford one in this market, what do you have to say about my DINC 150-200k family that can’t afford a decent sized house in a good neighborhood because of this mess? Should we lower our standards and move to the ghetto, or settle for a shitty 2-box condo that stretches us to our financial limits? I’d like to see how you can rationalize an excuse for my situation.
