Large housing slump! Let the good times roll!

[DinoDoc]

I'm not even sure they are under any real obligation to allow a short sale if he really is current and not just lieing about that.

[thesilentone]

I wish this housing slump would come to the UK. Our hopeful headlines are "House price inflation SLOWING". One of my best friends bought a house in 2003 for £24k, it's been worth £110k for the last 3 years now. She bought at precisely the best time. *****.

Right now i'm 27 and not really at the point where I want to buy a house but the thought of having to do that sometime soon makes me want to vomit. I only live in the midlands which hasn't seen such crazy inflations as the housing market in the south, but it still seems unreasonable for the average person when wages have barely risen while many house prices have nearly quadrupled. I wish I had been born in the sixties. Free university education (i had to pay tuition fees, no parents to pay for me, 60's kids apparently got grants generous enough that they could pay for whatever they wanted and have a good life without needing a job) houses you could afford to buy with just 2x or even 1x annual salary, it's just stupid now.

If this keeps going my kids will only be able to afford to keep themselves in rented accomodation and have no money left for thrills at all, third world britain 2050 here we come.

[thesilentone]

Is this where a caring state steps in? Where the pensioner class cashes in hugely on the very people who are going to pay their pension? It just seems hugely unfair to me, the people entering pension age now are selling off their family homes for 200k+ at a huge profit to themselves, and receiving perhaps 30/40 years pension off us while not having to have supported their own parents financially in such a way. It seems very stifling to me.

EDIT: my economics teacher back in 1996 warned us of this possibility, baby boomers way outnumbering their children, needing huge support costs. But he didn't predict the house pricing rape that makes it so much worse. (not to mention the inability for banks to think long term, pensions? oh we thought that was just a two year liability, we so stupid)

[Dinner]

Originally posted by DinoDoc
You're the one wanting to shred your credit rating to continue on with a scheme of real estate investing you clearly are no good at.

[DinoDoc]

I find it amusing myself as well.

[LordShiva]

Originally posted by Patroklos


You are right, only fiscally responsible young Americans. I am an almost debt free young American with a fat savings account and am looking at the best prices for homes since 1995 and with the best interest rates (fixed) since I started thinking about purchasing. Where is the downside for me?

Do you not invest in teh stock market? No 401(k)?

[DanS]

The stock market is no different. As net buyers of securities for decades to come, we would wish the prices to be lower.

[LordShiva]

In that case, I lost 10% of my net worth

Here's to hoping I lose even more

[DanS]

That's the spirit.

[VetLegion]

[PLATO]

I have you beat L.S. !!

I've lost about several hundred thousand dollars of net worth this year! If the secondary mortgage market doesn't show some sign of life in the next 4-6 months then I will be totally bankrupt!

woohoo! PLATO leads the charge for the younger generation!!



Such is life...easy come...easy go!

The good news is that I will be able to blog the step by step process of being thrown from my home! Then one of you guys can pick it up for a song on what its worth.

No...I'm not kidding. Still...what I once made, can yet be done again. Lessons learned.

[chequita guevara]

Sorry to hear that PLATO. Perhaps you should become a commie and take revenge on capitalism for destroying your wealth. You worked hard for that house, and now, through no fault of your own, speculators and corrupt practices have taken that all away from you. It ain't right.

[PLATO]

Originally posted by chegitz guevara
Sorry to hear that PLATO. Perhaps you should become a commie and take revenge on capitalism for destroying your wealth. You worked hard for that house, and now, through no fault of your own, speculators and corrupt practices have taken that all away from you. It ain't right.

So true...that it isn't right.

Still, Capitalism will be my cure as it was my curse. I know how to make money...never been good at letting the government do it for me.

Fortunately for me, I still have my confidence and know that I am one of the best at what I do. The whole reason this is so bad for me is that I have refused to partake in the fraud that ran rampant through this business. Many who did have made enough money to weather nearly any storm. That is what isn't right! Nevertheless, the market will turn and then I will be back in the game...my good name intact.

[LordShiva]

Good luck

[PLATO]

Thanks.