tag:blogger.com,1999:blog-13164186.post8905505695736874240..comments2024-01-27T19:26:32.604-05:00Comments on Bubble Meter: A Bailout for 'Homeowners' and / or Lenders?Davidhttp://www.blogger.com/profile/11169148764438565562noreply@blogger.comBlogger67125tag:blogger.com,1999:blog-13164186.post-27958329500900562172008-08-23T18:02:00.000-04:002008-08-23T18:02:00.000-04:00Most of the comments on this site seem to disappro...Most of the comments on this site seem to disapprove any assistance for homeowners as they are being lumped into a category they do not deserve to be. You are all calling them profiteers and speculators, on the contrary, they are Americans that wanted to realize the American dream and the only speculators were the mortgage companies themselves, buying back their stock just as the oil companies do to increase the value then sell it all at once and watch the market crash. The investors on Wall Street, the Hedgefund CEO's are all to blame, but most of all, a inept Congress that slept or just ignored it so they wouldn't hurt the feelings of their top corporate contributors to their campaign funds. <BR/><BR/>Futhermore, all of you should be more concerned with the billions of dollars being wasted by greedy, sleazy Congress members that participate in attaching pork barrel and earmark spending projects to other bills so they can pass without being noticed by a lazy government that only reads 5% of the bills that they vote on. <BR/><BR/>This is disgusting and all incumbents that deserve to go, must go in November. New faces, though inexperienced will be a breath of fresh air and hopefully, the few pros that remain will not be able to teach them the ways of dealing and pandering to lobbyists on "K" Street too quickly before they actually get something constructive done by getting this economy jump started. <BR/><BR/>Many friends of mine have lost their jobs and homes and you people sit back and talk about wasting taxpayer dollars to bail them out, while billions are being squandered for pet projects and then we borrow from China, send jobs to overseas along with entire manufacturing firms, while our manufacturing plants are vacant and rotting when they could be put to some good use. Stop this nation from becoming the consumer nation it is and return us to a land of productivity and everyone should get their eyes away from the computer and socialize a bit more and perhaps you won't feel so righteous and self-centered. Meet your neighbors, help your friends and relatives and try to be a better person rather than looking at your bottom line.<BR/><BR/>Good Day,<BR/>William PappasAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-73634546850449701592007-12-05T14:57:00.000-05:002007-12-05T14:57:00.000-05:00Hi, I am a reporter at The Washington Post working...Hi, I am a reporter at The Washington Post working on a story about Paulson's plan to freeze rates for subprime borrowers. I am looking for homeowners -- in the D.C. region -- who think this is not a good idea. If you are interested in being interviewed, please contact me at merler@washpost.com. Thanks, Renae Merlermerlehttps://www.blogger.com/profile/03021262642493006606noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-18170167915556023972007-04-14T15:43:00.000-04:002007-04-14T15:43:00.000-04:00Create a special mini bankruptcy just for homeown...Create a special mini bankruptcy just for homeowners to dicharge thier cruddy mortgage debt.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-43863902544229289172007-04-08T17:46:00.000-04:002007-04-08T17:46:00.000-04:00Lance, From your quotes you have got to be the big...Lance, <BR/>From your quotes you have got to be <BR/>the biggest idiot on the planet earth (and you have some stiff competition)<BR/><BR/>Idiot Quotes from Lance<BR/><BR/>"what is appalling is this person thinks himself too good to actually have to sacrifice <BR/>for his first home like the rest of us have done.<BR/>(Why should he sacrifice if He can get a house for less? Isn't saving money on anything the American Way?)<BR/><BR/> He can't give up going out to eat rather than cooking for himself. Can't give up the Vail vacations or <BR/>the week out in Las Vegas. Oh, and he's got to have that great BMW or other expensive car with the expensive<BR/> car payments. THAT'S why he thinks even spending one quarter for every dollar he makes is TOO much. <BR/>(Strange, I seem to recall that the economic powers that be have said that consumers are 70% of the economy,<BR/> and if consumers stop consuming, the economy stops growing. BTW he didn't say he had an expensive car <BR/>or that he went out every night and ate out all of the time. Stop putting words in other people's mouths,<BR/> we don't know where those words have been.)<BR/><BR/>That's right, he should be "entitled" to that house. He shouldn't have to scrimp on his expensive lifestyle. <BR/>He is better than the rest of us. <BR/>(Anyone who can get a house, car, plane trip, etc for less is the true definition of a success. <BR/> Buffet buys stocks when they are cheap, does that make him a failure of an investor?)<BR/><BR/>And most gaulingly, he thinks existing homeowners should sell him their homes at a discount so that<BR/> he can just lazily walk into a home and not make the sacrifices and commitments that buying that first <BR/>home is for most of us. <BR/><BR/>(No, he wants to buy a house for the best price, like any American with a functional brain wants to do.)<BR/><BR/>Like I said, the sense of entitlement for this very obviously spoiled individual is shocking and appalling<BR/> ... and coaching his "decision" to pay less than fair market value as "smart" is anything but smart.<BR/>(Since when is spending less money on any purchase "anything but smart"?)<BR/><BR/> It is arogant, and anyone who thinks they should pay no more than what a property should be going<BR/> for if THEY ruled the world, shows how very little they understand about the price setting mechanisms <BR/>of the free market. <BR/>(No, once again it is the bargain hunter in us that looks for the best price)<BR/><BR/>Such arrogance is just astounding and I suspect this person represents way too many bubbleheads. <BR/>Yes, there are the bubbleheads who really can't afford anything and those looking for validation <BR/>of their fear of commitments, but I suspect there are a good portion of bubbleheads who just think<BR/> they are too good to either make do with less and/or actually have to put a crimp in their<BR/> self-indulgent lifestyles.<BR/>(Awww, the renters can actually save a couple of bucks by not buying now and enjoy themselves <BR/>while homeowners have to scrimp and save because of housing expenses, real estate taxes, electricity, heat, etc. <BR/> That makes renters bad people?)<BR/><BR/> They want that which others have, but they want it handed to them for no effort on their part. <BR/>The more I read about BHs, the more immature I realize many of them are. <BR/><BR/>And...<BR/><BR/>It is all about getting the BHs to look in the mirror and see how stupidly whiny they sound actually <BR/>believing they are entitled to a house for far less than its market-determined fair value.<BR/>(The market is determined by the buyer, the seller, and the knowledgeable one who knows what the item is really worth! If I can buy something worth $100 for $10, does that makes me a bad person or a wise buyer/investor? <BR/> What about the people on Antiques Roadshow who buy antiques for a few hundred and find <BR/>out the stuff is worth thousands, should they feel guilty of their shrewd purchases?)<BR/> The guy making a $100,000 a year is the perfect example. He makes oddles of money --- <BR/>something like 3 times what the average family makes --- yet he refuses to part with the <BR/>$1,800 per month that would allow him to buy that 4 bedroom house he was talking about. <BR/>(Maybe the gent in question wants the most bang for his housing buck, an American trait to be proud of)<BR/><BR/>It's also about exposing the self-righteous bubbleheads for what they really are. Their feigned <BR/>concern about the "average family" being able to afford the "average home" is quickly forgotten. <BR/>They are looking to get something for nothing.<BR/>(Who in this world isn't?)<BR/><BR/> And the gallish part of it is that they are hoping to do this via the suffering of others. <BR/>They are selfish ... pure and simple. <BR/><BR/>And their selfishness has been revealed. <BR/><BR/>(I never knew trying to save money on a purchase was a selfish thing to do.)<BR/><BR/>Signed<BR/>ANTI-LANCE<BR/>Common sense is still an uncommon traitAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-611022523319264852007-04-04T15:34:00.000-04:002007-04-04T15:34:00.000-04:00No Bailout!Here is an article just posted on MSN:L...No Bailout!<BR/><BR/>Here is an article just posted on MSN:<BR/><BR/>Lenders willing to help struggling homeowners<BR/>http://www.msnbc.msn.com/id/17949352/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-57119884923629213052007-04-03T14:02:00.000-04:002007-04-03T14:02:00.000-04:00I think it's an awful idea. The whole reason that ...I think it's an awful idea. The whole reason that the market got so inflated was that anyone could get a mortgage. It is unfair to those of us who have been saving our money until we can responsibly purchase a house.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-31418682368370204222007-04-02T23:29:00.000-04:002007-04-02T23:29:00.000-04:00Lance said:Do you want to be given the house?He of...<B>Lance said:</B><BR/><BR/><I>Do you want to be given the house?</I><BR/><BR/>He offered above the Zillow.com Zestimate.<BR/><BR/><BR/><I>... actually believing they are </I>entitled<I> to a house for far less than its market-determined fair value.</I><BR/><BR/>He offered above the Zillow.com Zestimate. (Or is the "market-determined fair value" determined solely by prospective sellers?)<BR/><BR/><BR/><I>He makes... something like 3 times what the average family makes....</I><BR/><BR/><A HREF="http://en.wikipedia.org/wiki/Household_income_in_the_United_States#Income_by_state" REL="nofollow">not even in 2005</A><BR/><BR/><BR/><I>They are looking to get something for nothing. And the gallish part of it is that they are hoping to do this via the suffering of others.</I><BR/><BR/>The suffering is caused by the current extremely low levels of housing affordability. To alleviate the suffering, home prices should return to their normal levels. (In Maryland, approximately 2.6 times annual income, not the 5 or so that it's at now.)<BR/>And the people who bought homes for more than they could afford greatly contributed to the suffering.__khttps://www.blogger.com/profile/15874585542372800376noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-34630503338334306652007-04-02T14:56:00.000-04:002007-04-02T14:56:00.000-04:00...stupidly whiny... believing they are entitled.....<I>...stupidly whiny... believing they are entitled... He makes oddles of money... yet he refuses to part... exposing the self-righteous bubbleheads... Their feigned concern about the "average family"... They are looking to get something for nothing... And the gallish part... hoping to do this via the suffering of others... They are selfish... And their selfishness has been revealed. </I><BR/><BR/>Breathe Lance, breathe. So Kurt is being being selfish and self righteous and all those other things? But it is his loss, right?<BR/><BR/>Right?<BR/><BR/>I sure hope so Lance, because I have been following your advice as gospel. To see my hero get worked up about bubblehead immaturity has me very concerned. Maybe they were right Lance? Please say it is not so.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1347586463687543902007-04-02T13:24:00.000-04:002007-04-02T13:24:00.000-04:00I have news for you lance... "fair value" is whate...I have news for you lance... "fair value" is whatever a seller is willing to accept. They don't have to like it, just accept it.<BR/><BR/>There is absolutely nothing wrong with making lowball offers during a period when prices are dropping. It isn't insulting. It isn't cheap. It isn't unethical. <BR/><BR/>This is the flip side of bidding wars. When prices were going up and demand was tight you had no problem with multiple bids on a house as buyers competed with each other. <BR/><BR/>Now that prices are falling it is the buyers who are free to walk from house to house making whatever offer they feel like and it is the sellers who are going to have to seriously consider whether they take the sure thing offer for 10% off their asking price, or risk another few months of payments on an empty house while the neighbors down the street cut their asking prices...<BR/><BR/>Seriously, anyone who makes a full value offer on a house that has been sitting empty for 8 months just isn't exercising good judgement. <BR/><BR/> <BR/>Want to see something educational? Check out:<BR/><BR/>www.greatfallssale.com<BR/><BR/>These guys bought this Mclean house for $700k less than a year ago, added some granite in the kitchen, and now they are trying to unload it. <BR/><BR/>Look here for an old listing:<BR/><BR/>http://216.109.125.130/search/cache?p=%221629+great+falls%22&sp=1&toggle=1&ei=UTF-8&fr=yfp-t-501&SpellState=n-1763468255_q-F%2F8QNi.L553EtN2p55RKpAAAAA%40%40&u=www.mibrahim.net/prop23707.html&w=%221629+great+falls%22&d=YycCgxIeObgq&icp=1&.intl=us<BR/><BR/><BR/>They listed it at $1.25 million... <BR/><BR/>Then they cut the price to $825k...<BR/><BR/>Yesterday they tried to auction it with a minimum starting bid of $600k... <BR/><BR/>The house next door is listed at $730k, already reduced $35k...<BR/><BR/>What do you think they are thinking right now?<BR/><BR/>These two houses are going to race each other down until they find buyers. That is how they will know they found the "fair market value."<BR/><BR/>Here is the sales history on the auction house:<BR/><BR/>http://icare.fairfaxcounty.gov/Forms/Datalets.aspx?mode=sales&taxyear=2008&ownseq=1&roll=REAL&jur=&sIndex=0&idx=31&LMparent=138<BR/><BR/>If I check today and the auction house didn't get any bids at $600k do you think I would be selfish to offer $550?... I don't...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-55487857529842437572007-04-02T12:41:00.000-04:002007-04-02T12:41:00.000-04:00"to a house for far less than its market-determine..."to a house for far less than its market-determined fair value."<BR/><BR/>If a house sits for 8 months, then its market-determined fair value is in fact quite a bit lower than the house's asking price. Kurt's offer was a heck of a lot closer to the market-determined fair value than the seller's silly asking price. <BR/><BR/>I might point out here that Investor isn't exactly leaping to Lance's defense here. Unless she's once again left forever, even she knows Lance is wrong.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-10902490449681920542007-04-02T10:30:00.000-04:002007-04-02T10:30:00.000-04:00It is all about getting the BHs to look in the mir...It is all about getting the BHs to look in the mirror and see how stupidly whiny they sound actually believing they are <I>entitled</I> to a house for far less than its market-determined fair value. The guy making a $100,000 a year is the perfect example. He makes oddles of money --- something like 3 times what the average family makes --- yet he refuses to part with the $1,800 per month that would allow him to buy that 4 bedroom house he was talking about. <BR/><BR/>It's also about exposing the self-righteous bubbleheads for what they really are. Their feigned concern about the "average family" being able to afford the "average home" is quickly forgotten. They are looking to get something for nothing. And the gallish part of it is that they are hoping to do this via the suffering of others. They are selfish ... pure and simple. And their selfishness has been revealed.Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-20712548669395761882007-04-02T08:33:00.000-04:002007-04-02T08:33:00.000-04:00"shows how very little they understand about the p..."shows how very little they understand about the price setting mechanisms of the free market."<BR/><BR/>Um, Lance, if a seller has their house sit for 8 months, isn't that the free market's little way of telling them they overpriced? <BR/><BR/>I don't think Lance thinks a Ponzi scheme, where I pay whatever the seller asks on the belief that the next buyer will pay whatever I ask, is the free market. It ain't.<BR/><BR/>A free market is - if the house ain't selling at that price, you need to lower the price if you actually want to sell it. Just as if absolutely no buyers have taken your ten offers, your ten offer were probably low. <BR/><BR/>Kurt made a very reasonable offer.<BR/><BR/>You know, we gotta stop arguing with Lance. He's just a made up character by somebody playing a gag.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-3292311340054321632007-04-02T08:27:00.000-04:002007-04-02T08:27:00.000-04:00And, as I have pointed out before, Kurt offered 11...And, as I have pointed out before, Kurt offered 11% under asking on a house that has sat for 8 MONTHS!<BR/><BR/>I mean, the owners can counter and maybe end up selling their house for 8-10% below asking, which sounds like a gift since their house has been sitting for 8 long months.<BR/><BR/>Kurt, wait four months, then offer 'em 315.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-49134857183056022792007-04-02T07:26:00.000-04:002007-04-02T07:26:00.000-04:00"When houses are down 20% more you will be telling..."When houses are down 20% more you will be telling me that I should have bought anyway."<BR/><BR/>Of course... don't forget that according to lance, "buying" a house with an interest only loan automatically makes you a better person.<BR/><BR/>People who aren't willing to leverage themselves to their eyeballs to purchase a house they can barely afford are just "selfish" and don't deserve a house.<BR/><BR/>You see... most of lance's theories are all tied together. He goes on and on about the widening income gap in America with the obvious implication that HE is going to be in the top half and is looking forward to being one of the "rich." He has the same views about housing, and for that matter pretty much everything else.<BR/><BR/>According to lance the world is full of winners and losers and he obviously must be a winner because afterall, he "bought" a 700,000 house he can barely afford on an interest only loan with renters living in his basement...<BR/><BR/>It is all about lance convincing himself that he is SOOO successful and that we all envy him.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-2397060531186478482007-04-01T19:21:00.000-04:002007-04-01T19:21:00.000-04:00Kurt, the next time you go to the store, if chicke...Kurt, the next time you go to the store, if chicken is $3.00 a pound, you need to walk up to the cash register and DEMAND that they charge you $6.00 a pound. Othwerise, you're just being selfish by spending too little on food as a percentage of your income.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-81877081646349489882007-04-01T18:59:00.000-04:002007-04-01T18:59:00.000-04:00I hate selfish people, and Kurt you're being very ...<I>I hate selfish people, and Kurt you're being very selfish. You make a hundred grand a year and you think you $350K is too much to spend for a house. Do you want to be given the house.</I><BR/><BR/>Lets try and explain it in a language maybe Lance understands. Of course "Lance" and "understands" can rarely be used together. But maybe he will get this one:<BR/><BR/>Lance, if home ownership is the ultimate dream which every American should aspire towards, Kurt is in fact being very unselfish by giving up that. He is letting go of a cherished possession by many, so others have a chance of ownership. Perhaps some other lucky soul will have a chance to own that house now.<BR/><BR/>Furthermore, if enough people like Kurt do this, then prices may actually drop and more people will have a chance of ownership. See the good Kurt is doing, Lance? This is the equivalent of nirvana. Please apologize to Kurt for being mean to him.<BR/><BR/>To a 10 year old, I would have explained it as, its supply and demand. You don't buy prices go down.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-106443337328132702007-04-01T18:15:00.000-04:002007-04-01T18:15:00.000-04:00KevinR said... "Lance,So now you're saying someone...KevinR said... <BR/>"Lance,<BR/>So now you're saying someone who makes 100K *SHOULD* spend 35% of their income on a house? <BR/><BR/>And if they say "that's too much", then that's appalling? Or if they say "I can rent the same thing for 2/3 of the cost", that's appalling to you?<BR/><BR/>So now you know better than someone else what they should be spending?"<BR/><BR/>Kevin, what is appalling is this person thinks himself too good to actually have to sacrifice for his first home like the rest of us have done. He can't give up going out to eat rather than cooking for himself. Can't give up the Vail vacations or the week out in Las Vegas. Oh, and he's got to have that great BMW or other expensive car with the expensive car payments. THAT's why he thinks even spending one quarter for every dollar he makes is TOO much. That's right, he should be "entitled" to that house. He shouldn't have to scrimp on his expensive lifestyle. He is better than the rest of us. <BR/><BR/>And most gaulingly, he thinks existing homeowners should sell him their homes at a discount so that he can just lazily walk into a home and not make the sacrifices and commitments that buying that first home is for most of us. Like I said, the sense of entitlement for this very obviously spoiled individual is shocking and appalling ... and coaching his "decision" to pay less than fair market value as "smart" is anything but smart. It is arogant, and anyone who thinks they should pay no more than what a property <I>should</I> be going for <B>if THEY ruled the world</B>, shows how very little they understand about the price setting mechanisms of the free market. <BR/><BR/>Such arrogance is just astounding and I suspect this person represents way too many bubbleheads. Yes, there are the bubbleheads who really can't afford anything and those looking for validation of their fear of commitments, but I suspect there are a good portion of bubbleheads who just think they are <I>too good</I> to either make do with less and/or actually have to put a crimp in their self-indulgent lifestyles. They want that which others have, but they want it handed to them for no effort on their part. The more I read about BHs, the more immature I realize many of them are.Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-21901811305435947502007-04-01T17:25:00.000-04:002007-04-01T17:25:00.000-04:00Lance,So now you're saying someone who makes 100K ...Lance,<BR/>So now you're saying someone who makes 100K *SHOULD* spend 35% of their income on a house? <BR/><BR/>And if they say "that's too much", then that's appalling? Or if they say "I can rent the same thing for 2/3 of the cost", that's appalling to you?<BR/><BR/>So now you know better than someone else what they should be spending?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-41849750220038957992007-04-01T16:08:00.000-04:002007-04-01T16:08:00.000-04:00Lance said . . ."hate selfish people, and Kurt yo...Lance said . . ."hate selfish people, and Kurt you're being very selfish. You make a hundred grand a year and you think you $350K is too much to spend for a house. Do you want to be given the house? "<BR/><BR/>Lance . . . wow you really are always good for a good laugh. What a messed up world we live in. The guy who saves, has no debt and who wants to live frugally is called selfish. ROTFLMBO. Man I feel sorry for your kids (if you have kids) if you teach them that. I shared your post w/ my wife and she laughed and laughed.<BR/><BR/>No lance . . . entitlement is "I make 50k a year so I can buy a 350k house, or I desire to live in a McMansion." Kurk no where implied that, he simple believes 350k is too much to pay.<BR/><BR/>Furthermore lance, you should delve deeper into the numbers, by the time he's done w/ all taxes, SS, etc. he's netting <70k a year. So he's really paying closer to 35% of his take-home for a house . . . and that's before adding in property taxes, HOA, maintenance costs etc.<BR/><BR/>By the time it's all said and done he is paying prob. close to 2300-2500 for his housing costs. Which prob. comes close to 40-45% of his take-home, maybe even 50% if he is unlucky. Okay so he gets his tax refund so now instead of 2300-2500 he's paying maybe 1800-2000 a month, still bottom line he is paying apprx. 35% of his take-home.<BR/><BR/>So this good man here is "selfish" for not wanting to spend that much of his take-home on a place to live???<BR/><BR/>Of course we are in a "new" paradigm where the "old" rules don't apply, like don't pay more than 3x your income. Incidentally, I just read on cnn.com they suggest no more than 2.5x . . . where was that advice 2 years ago (sigh).<BR/><BR/>Lance, you really do seem to project a lot on others. I'm guessing but you prob. make/made somewhere around 150k, and you decided you could afford (no, excuse me you "needed") a 600-700k place in the ritzy area of DC. You feel anyone who won't make the same decisions is selfish. Don't you see lance, you my friend are the one who was selfish, who felt you were entitled to a bigger place.<BR/><BR/>You need to tell others who aren't willing to pay upwards of 35%, or maybe even 50% of their income (like you) they are selfish b/c they aren't willing to make the same "sacrifices" as you are/were. <BR/><BR/>In sum, you feel you have to berate others b/c they aren't as stupid as you were and bought into the hype.<BR/><BR/>The numbers don't lie, generally it is more economical to rent (right now) than to buy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-61040309861535784882007-04-01T15:54:00.000-04:002007-04-01T15:54:00.000-04:00Frankly, if their home has sat for 8 months, then ...Frankly, if their home has sat for 8 months, then 10% below asking is a generous offer.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-81358875737627296892007-04-01T15:53:00.000-04:002007-04-01T15:53:00.000-04:00"I hate selfish people, and Kurt you're being very..."I hate selfish people, and Kurt you're being very selfish."<BR/><BR/>Yes, Kurt, you should just give money to homeowners. By paying too much for their house, they entitled themselves to your hard-earned money.<BR/><BR/>People like Lance are children. They think because they were dumb enough to overpay then everybody else owes them a living.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-5972111885764879592007-04-01T10:15:00.000-04:002007-04-01T10:15:00.000-04:00Kurt said:"As of 4 years ago I had paid off my col...Kurt said:<BR/>"As of 4 years ago I had paid off my college loans (Trenton State College so they weren't bad), paid off all CC debt, now have ~$50,000 saved for a down payment, and make about $100k/year but am struggling to find a 'nice' (favor contemporary design, which is hard to find around here...) single family home for less than $350,000 near West Chester PA. In my mind this is because loose lending practices made it too easy for people to attempt living well above their means, which drove home prices up. <BR/>Last night I made a $325k offer (a bit above the zillow.com zestimate) on a 1750sq ft home that's been on the market for over 8 months at $365k, and today the sellers countered with $360k. <BR/>I could technically afford that, but it's not a place I MUST have, so thanks, but I'll keep looking...."<BR/><BR/>I hate selfish people, and Kurt you're being very selfish. You make a hundred grand a year and you think you $350K is too much to spend for a house. Do you want to be <I>given</I> the house? <BR/><BR/>With $50K down, your payment on a 30 yr fixed rate loan (6 1/2 %), your payment is $1,896.20 ... or 22.75% of your gross salary. Your complaining about having to spend this small percentage of your salary on your abode reeks of a sense of entitlement that is just plain appalling.Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-60269838100450267862007-04-01T08:57:00.000-04:002007-04-01T08:57:00.000-04:00"It's just not right to force someone to do charit..."It's just not right to force someone to do charity. "<BR/><BR/>Besides... think of who you would be rewarding...<BR/><BR/>I have a great deal of sympathy for people who had legitimate bad luck. It could be they got sick, had a spouse die, or they were injured and can no longer work. There are a lot of reasons a responsible person can end up in financial hardship. <BR/><BR/>The problem is that most of these people don't fit that descroption.<BR/><BR/>Most of them either:<BR/><BR/>A. took lance's stupid advice and convinced themselves that they had to buy right away or risk being priced out forever... or<BR/><BR/>B. just never really thought in the first place and bought something without even realizing they couldn't afford it.<BR/><BR/>In neither of those cases do I feel all that sorry for them. Offering those people a bailout will do nothing good. It will tax everyone that didn't make a stupid financial decision while prolonging the high prices that have sidelined many would be owners with enough financial responsibility not to buy into a bubble.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-48292191002368156672007-03-31T23:15:00.000-04:002007-03-31T23:15:00.000-04:00anon said . . ."lol! most of you are full of crap...anon said . . ."lol! most of you are full of crap. if you were being totally honest, what you'd really say is: . . . . "<BR/><BR/>No, I'm actually a very charitable person, I give 10% of my income to charity, I do service projects and help out with the local community. I won't say I'm a saint, but I try to give back to the community.<BR/><BR/>I just believe in something called personal responsibility. I also believe in something called volunteering instead of being forced by the government. Anon, I've got a great idea. Instead of a massive government bail-out, why don't we set up a massive <B>volunteer</B> charity for all those homeowners. I wouldn't have a problem in the world with that. It's just not right to force someone to do charity.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-49644126021640251782007-03-31T16:22:00.000-04:002007-03-31T16:22:00.000-04:00Bloggers, unite to stop the bailout by joining the...Bloggers, unite to stop the bailout by joining the new "Not One Cent" team blog (click my name/profile for details).<BR/><BR/>Thank you. <BR/>JJ at IHB and HFFhttps://www.blogger.com/profile/02454951293182876692noreply@blogger.com