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ParticipantNext.
As myself and others have said, this crash is going to be the cause of more unemployment rather than the effect of it like last time.
I guess last time really was different.
ParticipantJES,
That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.
But one question:
What did you do (or would you have done) after 7 years?
This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.
ParticipantJES,
That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.
But one question:
What did you do (or would you have done) after 7 years?
This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.
ParticipantJES,
That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.
But one question:
What did you do (or would you have done) after 7 years?
This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.
ParticipantIt’s a good thing incomes are going to double next year, otherwise this foreclosure thing might actually lower house prices.
/sarcasm.
ParticipantIt’s a good thing incomes are going to double next year, otherwise this foreclosure thing might actually lower house prices.
/sarcasm.
ParticipantIt’s a good thing incomes are going to double next year, otherwise this foreclosure thing might actually lower house prices.
/sarcasm.
ParticipantMinimum credit card payments are the greatest tool of evil credit card companies ever devised.
I’m sorry, but if you think that is a good thing, you should not buy a house.
When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.
If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.
Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.
ParticipantMinimum credit card payments are the greatest tool of evil credit card companies ever devised.
I’m sorry, but if you think that is a good thing, you should not buy a house.
When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.
If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.
Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.
ParticipantMinimum credit card payments are the greatest tool of evil credit card companies ever devised.
I’m sorry, but if you think that is a good thing, you should not buy a house.
When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.
If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.
Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.
ParticipantI don’t know, at least there have been no spillover effects from all this…
Phew, I feel better.
I don’t think we will ever see anything as bad a the Great Depression. The FED, Congress and President will do anything and everything to prevent that word from surfacinig in mainstream, even if it means reforming healthcare, social security and balancing the budget.
I do think it will get worse for a few more years, and be a at least 10 years before prices climb back to where they peaked.
ParticipantI don’t know, at least there have been no spillover effects from all this…
Phew, I feel better.
I don’t think we will ever see anything as bad a the Great Depression. The FED, Congress and President will do anything and everything to prevent that word from surfacinig in mainstream, even if it means reforming healthcare, social security and balancing the budget.
I do think it will get worse for a few more years, and be a at least 10 years before prices climb back to where they peaked.
ParticipantI don’t know, at least there have been no spillover effects from all this…
Phew, I feel better.
I don’t think we will ever see anything as bad a the Great Depression. The FED, Congress and President will do anything and everything to prevent that word from surfacinig in mainstream, even if it means reforming healthcare, social security and balancing the budget.
I do think it will get worse for a few more years, and be a at least 10 years before prices climb back to where they peaked.
ParticipantFATAL FLAW – This article makes no mention of debt.
It assumes that everything people spend their money on is an indication of their wealth. You can’t trade your car, or flat screen TV, or your college degree in for a home. He’s confusing earning potential with real income.
This article is not in touch with reality. It confuses Debt with Wealth. People aren’t paid in gold nor does the vast majority trade it. Gold’s more relevant to the value of the dollar than house prices. As gold goes up, incomes do not inherently follow.
“The nation’s wealth and its permanent income are growing”
And outgrowing both of those is DEBT.
If people weren’t losing their homes at a record pace than I might believe prices could be sustained. Someone show this guy year over year prices.
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