Quote:
Originally Posted by mredskins
Here is the deal buddy I went about it the right way. Bought the house that fit my budget and in five years I am looking to move to a house that fits my family's need (we have grown) basically I am looking to have equity in home becasue when I bought it like all of the homes in my area it was over priced. I don't need a bail out I just want a housing market correction.
And you know what if you bought a house you could not afford 5 years ago and now your mortgage is going to flip tough beans, I don't think the goverment should help those people stay in their homes.
I DON"T WANT ANYONE bail out a just want a fair housing market where I am willing/able to sell my house and buy another house thus keeping the econimic housing wheels rolling.
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The problem is that the market is correcting itself and home prices are going to drop. I purchased a home 04/2004 right in middle of the boom and new this was going to be an issue. I looked at alot of homes and knew that this boom had to stop and was very worried about getting stuck in a home. We finally found a nice home which was for sale by owner and way under what the market was bringing. We gave them a deposit on the spot and got the contract done in days. Now I know I was lucky but I just took the time to find a good deal. Even with todays market I can sell our home for around $75,000 to $100,000 more then we paid back in 2004. I understand your concern but I think the market is going to take a hit no matter what is done.