burned by a contractor

[firstdown]

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.

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.