[quote=urbanrealtor]While I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. [/quote]
Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.
We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.
Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.
It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.
