I have some family in Italy. They own their own homes. Generally passed down through the family. They never sell.
I don’t own a home for the very reason that I could not afford one. I hope to one day afford one. I don’t have much of a choice but wait, save, limit my debt, hope prices come down to something reasonable, hope I don’t have to move out of state.
I already missed the no money down, interest only train. It made no sense. I was pressure by friends, family, realtors, and lenders. I did not want to gamble w/an interest rate that could change, even when they said I could always refinance, I kept thinking whatifs, if there is pre-payment penalty, if the value comes down even 5%, etc.
When the subprime mess hit the fan, I felt like I did the right thing. But now government coming to the rescue, I feel like I was punished for doing the right thing.
I do agree w/you that a correction is in order. Just b/c I think that or you think that, doesn’t mean it’s going to happen. I know it’s not in the Declaration that people are entitled to afford a house, but it’s nice after working hard, you can come home and say, “I’m working hard for this. It’ll be mine.” I mean, ever since people came to America, the pioneers bought land, built their cabins. It just seems like a reward for all the hard work.
I’ve owned a house before and it is a good feeling, something tangible. And I’m not even a consumer or materialistic at all. I don’t give into that. Yet, something about having your own place, though.
