[quote=ibjames]wow, so there is no sense of dignity left anymore, tis a sad time indeed.
The sad thing is people are still looking at houses like an investment. It’s a house, you live in it for crying out loud, and hopefully you pay it off and have an easier living when you are old.
If you were dumb enough to buy a 800 sq. ft place with your wife and child and you just had another kid then I guess it would have happened anyway, as you are just a dumbass that didn’t plan a damn thing. All this other nonsense just makes no sense at all.
Seriously, does anyone have any dignity anymore? Does everyone in CA bathe in snake oil? It sure seems that way[/quote]
This dilemma stems from crowd following. Normally it is very wise to ignore what others are doing, such as nieghbors getting that 760Li while you drive 15 year old econobox. However, the crowd’s home purchasing habits can NOT be ignored. If everyone is getting 5% down loans and you want to stick with 20% down and 30% ratios, you would have ended up in the 1 bd place. Now the market is hot and forcing people (who would like to wait) to panic and bid up again due to massive credits and other BS. Now that 1bd place is deep underwater, what do you do? Listen to us Piggs and stay put or walk away, leave the state to provide better for the kids? (extreme worst case example for effect)
What we need is flat market +/- 3%yr that will put a stop to all these foolish games/tragedies.
