A reader sent in this link to this ABC video (thank you). The party is over for some, it's now the next day, and the hangover is killing them. Part of me feels sorry for them and part of me wonders "what did you expect?" I mean, everyone knew this was going to happen (rate resets), or should have known. People have been talking about it for a long time now. No one made you take out that "toxic" loan. And the frightening thing is that this is just the beginning; it's only going to get worse, foreclosures are up YOY, and the ripple effects of all of this will effect us all.
Thursday, March 23, 2006
Housing Hangover
A reader sent in this link to this ABC video (thank you). The party is over for some, it's now the next day, and the hangover is killing them. Part of me feels sorry for them and part of me wonders "what did you expect?" I mean, everyone knew this was going to happen (rate resets), or should have known. People have been talking about it for a long time now. No one made you take out that "toxic" loan. And the frightening thing is that this is just the beginning; it's only going to get worse, foreclosures are up YOY, and the ripple effects of all of this will effect us all.
Subscribe to:
Post Comments (Atom)
4 comments:
it is scary the lack of research that goes into such huge financial decisions. More power to the bloggers like yourself for getting the infomation out there.
$3000 a month and she can't handle it? Does she even work? She clearly eats. I don't see how anyone can have any sympathy for fools like this.
I have no sympathy that she can't afford her giant home that was clearly much more than she needed. Great time to be buying foreclosures in TX methinks.
I always boggles my mind that people are willing to go on national TV and basically say "I am a moron". If I had made such a poor decision, I certainly would not want the entire country to know about it.
$3000 a month and she can't handle it? Does she even work? She clearly eats. I don't see how anyone can have any sympathy for fools like this.
Well, most of the country doesn't see wages like the SF Bay, but I bet they're wasting money elsewhere on stupid overpriced junk. Not to mention, it looks to me they clearly overbought to climb the social ladder. That looks like a 3500+ sqft home, and had they actually thought this through, it's likely they would've cleared their mortgage with a home around 2000 sqft. Did they ever stop to consider buying under their means? The world shouldn't pity these people; they followed a mania and burned themselves.
Post a Comment