I am one of the recent buyers on this board, so apparently I am a dumbo as well. Also, I did an interest only loan fixed for 7 years after putting 20% down, another dumb move, oh wait a minute, I have over double the amount in cash that my mortgage balance represents. Maybe I am not so stupid, and actually am conservative?
The one thing that is lacking here is the concept that houses cannot be traded like stocks. I am in the camp that values will drop as most people know at this point, but that does not mean there are not deals to be had out there, and I found one, so I pulled the trigger.
It seems to me that some of the more bearish people should take note that in spite of the perfect storm of negative news, prices have not gone down that much.
My point – it is not stupid for everyone to buy a home right now, everyone’s circumstances are different. It would be stupid to buy a home right now trying to flip it.
