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Have you noticed that the housing market is in a huge slump? That’s because there are too many homes for sale and not enough buyers. Why? For one thing, it’s a good deal harder to get a home loan now. For another, a lot of the people trying to sell have those goofy mortgages that have flexible payments and interest rates. Not good. Those were great when the interest rate was bottoming out. However, now a days, the rate goes up and down and it’s tough on the home owners who have those loans because it can vary what they have to pay.
I have a real problem with the real estate market right now because we had planned to buy a house of our own in the near future. Now it looks like that might not happen. We have medical bills that, while they are getting paid little by little, there is a hospital that does not like the amount we must pay right now. So, they turned us into the credit leeches. That can mess our credit standing up and we could have problems buying a house. Sigh. I hate that.
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2 Comments
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Sorry for the credit problems. I agree slightly with the problems in the housing market. The goofy morgage loans were set up by brokers. And people started buying houses they could not affored. I blame the current situation on greed and people wanting to live the “good life” way above their means.
I would agree with you except for the statement you made about people buying houses they could not afford. That is not strictly true. There were people out there that could afford them at first. They got caught up in the big salethon that went on with houses when getting a loan for the purchase was so easy.
Not necessarily the fault of the people buying if they did not have all the info and the one person in their lives with the info was also the real estate agent that was so happy to sell the house because they get the commission and then leave.
I do blame the current situation on greed but not necessarily the people buying the houses. How about the industry? Those people who gave out bad information. Here’s a house for you….you can afford it!! Sure you can. All you have to do is this? What? That mortgage rate won’t go down anytime soon. Don’t worry. You will have this house when you retire. Don’t worry. Don’t worry. Yeah right.
I place the majority of the misinformation on the people who didn’t tell the WHOLE truth about the mortgages. You cannot tell me that all those people were that greedy. Some of them were duped. Some of them did not get a fair deal and are now paying for it by losing their home. How can you judge all of them as being greedy???? That is so unfair, just like the ones that sold them on the mortgage rates.
And now I know why you said that. I saw your link. Brother, talk about calling the pot black.