Tuesday, July 12, 2005

People Are Angry -- A Letter to the Editor

It seems that people are angry about the unethical behavior of buyers, sellers, and realtors. Check out this letter to the editor.

Some choice quotes:
"While there is nothing illegal about flipping homes, it doesn't make it ethical. It is overinflating the prices of homes far beyond the reach of the very people who work in this county and of those who truly value home ownership. I have had long discussions with friends who are scraping together enough cash just to afford a 20-year-old mobile home."

" Perhaps I was brought up wrong to believe that a home should be just that - a home, not an investment."

"Perhaps my standards are too high for insisting on a moderately well-maintained home in a decent neighborhood and not one next to another with 18 dead cars on the lawn."

"Perhaps I am too financially conservative to insist on a fixed-rate conventional mortgage, wherein your taxes and insurance are included in the payment, and one that doesn't have any high-risk attachments such as a dangerously low variable rate that can skyrocket, or one that is interest-only and runs the risk of negative amortization when the real estate bubble does, hopefully and blessedly, burst."

"I cannot and will not do what so many of my friends have had to do to afford a home. I need to be in Hernando County for my work and to be near my seriously ill father. I also will not settle for less just because that's what the market is like right now, and I am certainly not going to take on a dangerously risky mortgage agreement in order to have an affordable payment, just to own a home and make a real estate agent or investor that much richer."

And in closing:

"And so I will wait for the bubble to pop, which it is certain to do, at which time I will be there to pick the gum off the faces of those who kept blowing and blowing and blowing and who turned the American dream into the American nightmare."

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