Rustico, it’s not “shitting in your pants” that is at issue here. One has to look at the big picture before one jumps into a purchase. That’s what we are criticizing.
Sure, life goes on but you need to prepare for and be mindful of the changes.
Why buy a house when you can happily rent and wait it out?
Look at the Bear Stearns millionaires. What are they worth now? And how are they going to make their million dollar mortgages when they are out of a job? Are we supposed to feel sorry for them? No!
The people with equity today won’t be so smug then their equity goes poof tomorrow.
I own my house but I made a conscious decision that it’s not a investment. I can remain in it no matter what. But I wouldn’t go into debt to buy a house now.
I can understand JWM’s frustration. Personally, I am sick of people bitching about their real estate and stock investments. They were aiming for a high return so now they need to take their lumps. It’s not un-caring and superior to tell the truth just because the majority of the population made the same mistakes and is in that same boat.
Rustico, I dont’ know about your situation. But last year a friend of mine split his lot and build a 3500 sf house on one lot for $135/sf. He was hoping to sell it but couldn’t so he’s living in it. He thinks that can get big bucks for it “when everything clears.” Meanwhile he’s in debt with not a lot of income. Well, I predict hard times ahead for that person. I talk about the weather when the topic turns to real estate. JWM is doing his relatives and closest friend a favor by educating them. In that way, he cares.
