The long slow pop

Wow. Can i buy 10 houses now and let the government pay for my irresponsibility?

These subprime lenders are just scams against the financial community anyway.

It’s funny how hard it is to steal 50$ from the corner store but easy to steal millions from financial institutions - once you’re a “real” company.

Yeah, I want people to go to jail over this. I also want a pony. Want to lay odds on which I get first?

You don’t want the pony badly enough.

I blame poverty.

Maybe you can get an interest-only loan to finance the pony purchase.

I recommend an stated income, 2/28, option ARM! It’s the ultimate in pony purchasing!

That is crazy talk. The only logical end is the end of western civilization, SO DO NOT BUY A HORSE!

Admit it: you bought a McMansion you can’t afford…

That is crazy talk. The only logical end is the end of western civilization, SO DO NOT BUY A HORSE![/quote]
That is crazy talk. The only logical end is the end of western civilization, SO DO NOT BUY A HORSE HOUSE!

This is only applicable to people with idiot ARM loans. We have a fixed mortgage rate. We’re not affected and, as a plus, we get to own.

Plus working Epic during some of their biggest years didn’t hurt.

Plus working Epic during some of their biggest years didn’t hurt.

I don’t remember Epic giving any courses on how to buy a house or anyone there ever telling me about how stupid an ARM loan would be. No, I figured that stuff out on my own.

True, however not everyone has the money you do and live in a realestate market like NC. Many of us live in markets like LA, SF, Seattle and Boston where what you paid for your house probably wouldn’t get most of us a shit box studio apartment in a neighbourhood where you’d be affraid to step outside at night. I’ll agree ARMs and interest only loans are generally stupid (a fixed interest only can be a good move if you’re disciplined and regularly make payments to principle since the rate is generally lower) but having more money does give you more options.

Hey, I could have easily paid $400K+ for a house if I wanted to. But I didn’t want to. I paid for the house that I needed and I did it in an intelligent manner.

And yes, I make more money than the average American family but I’m guessing so do most of the people on this board.

Nitpick time!

You do understand why this statement is irrelevant right? What matters is what you make in relation to the area you live in.

I’m single and I make more money than the “average American family.” That being said for the area I live in I’m probably barely at the median income level. I certainly couldn’t afford to buy anything more than a shoebox condo in this area without selling half my soul.

“Needed” is an interesting choice of words there. The house that I “need” would probably be a 500 sq. ft. 3 room shack. I’d prefer something a bit more than that.

My neighbors put their house up for sale last week, about mid week. When I was leaving for work this morning, their realtor was outside changing the “For Sale” sign to “Under Contract”.

Springtime! For Hitler! In Germany!

You’ve hit on a good point, but I think it’s too complicated and slippery a point to have much bearing on this discussion. People have a lot of factors influencing what they consider the minimum acceptable level of housing. It has a lot to do with their background, family size, the quality of housing they perceive their peers to have, etc.

I’m another person who could have easily made payments on a larger/nicer house than I have now but opted instead for something more modest because I like having plenty of money in savings in case something really bad happens.

It’s relevant in terms of whether or not a government bailout is needed for Target employees who bought $700K homes because they’re fucking stupid.

Serious question: Do you honestly think they are stupid, or do they just realize that there is a limit to the bad things that can happen to them because of it in the U.S.?

I really don’t buy that people were so confused about housing prices and mortgages. I think it is much more likely that on average, people were simply greedy, wanted more than they could afford, and figured they would live well for awhile and figure out the rest later, and the worst that would like occur would be losing the house.

There is a big sense of entitlement for things like that in the U.S. right now; everyone should be able to have a five bedroom, 4,000 square foot house, and it’s not fair if I can’t have one because I know someone else who does.