Creating wealth is building homes where there were none and selling them. People that did this or that improved the quality of a home and sold it, increased the strength of the economy.
People that sold an old house just trasfered wealth from one person to another. In most cases from the bank to the buyer and then to the seller.
The economy doesn’t grow when people sell things to each other and increase the price after each transaction.
The economy growths by building and creating things.
Anyone who made money selling in the last few years was either smart or lucky. They shouldn’t be punished, they didn’t buy at insane prices. If they bought low, sold high, and currently rent, more power to them. s
I can see a bit of animosity towards the speculators, the FBs, the lenders, the gov., and the shady RE community, but those who sold?
I am in the situation where I bought in 2000, and sold in early 2007. I made upwards of $240k profit. I was lucky and smart enough to not use my house as a ATM. I am renting right now, and was planning on renting until 2009, but a property came up that fit everything we wanted in a area that had good schools and close to work. I will be putting 120,000 down on the house, and expect to purchase a investment property with the rest of the profits from the first home, when the market hits the bottom(around 2009-2010).
I will say that there are a small number of people that I know that did not use there home as a ATM machine. I was one of the only ones in my neighborhood that was able to walk away with so much gains in equity, and therefore allowing me to move up into a nicer home, and enough in the bank for a investment property in 2010.
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