Fun stuff in the housing market
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From: Longmont, CO
Fun stuff in the housing market
"We're in so deep that it doesn't seem like anything will help," said Rebekah Ao, 33, a pregnant homemaker who lives in a new four-bedroom home in Avondale with her husband, Otto, a truck driver. The Aos, with $50,000 in income, owe a total of $607,000 on mortgages for two houses they bought since they moved to the Phoenix area about two years ago.
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They wanted to take a risk with investment properties and they are going to lose that gamble. People like this don't deserve to be bailed out by the government. We are all getting screwed because people bought homes that they could not afford.
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I hate these stupid people. The article says they have $50K in annual income. How the hell can you rationalize that your retardedness in buying two houses with a low income is not your fault? These people should be allowed to fall flat on their faces, not helped by my tax money. Where is the reward for smart people that didn't overextend themselves? Why do we only help the stupid ones? Darwin would be sad if he saw this. These people should be forced to declare bankruptcy and lose their home(s), not recieve a federal bailout for their sheer assnine decisions. OMGWTFAAARG!!
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its mostly their fault, but also the fault of the lenders that did not disclose what the reality of adjustible rates meant. All this crap served to do is drive up prices especiallyin California to ridiculous levels.
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From: Austin
Originally Posted by chrisjgiuliano,Feb 5 2008, 10:34 AM
I hate these stupid people. The article says they have $50K in annual income. How the hell can you rationalize that your retardedness in buying two houses with a low income is not your fault? These people should be allowed to fall flat on their faces, not helped by my tax money. Where is the reward for smart people that didn't overextend themselves? Why do we only help the stupid ones? Darwin would be sad if he saw this. These people should be forced to declare bankruptcy and lose their home(s), not recieve a federal bailout for their sheer assnine decisions. OMGWTFAAARG!!
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From: Doh!!
that's nothing. I personally know an optician who makes around $50K (wife stays at home with 3 kids) and has $1.5mil mortgage. He lives in the $1mil house rents out the $500K house.
He's kinda stressed and is trying to find more work.
He's kinda stressed and is trying to find more work.
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From: Queen City, NC
Originally Posted by S2020,Feb 5 2008, 01:18 PM
that's nothing. I personally know an optician who makes around $50K (wife stays at home with 3 kids) and has $1.5mil mortgage. He lives in the $1mil house rents out the $500K house.
He's kinda stressed and is trying to find more work.
He's kinda stressed and is trying to find more work.
NC foreclosures in 2007 were 50k, and are expected to reach 60k in 2008.
That's over 100k foreclosures in two years, and NC is considered a growing real estate market...
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You know, I'm pretty forgiving and considerate but people that do things like that make my blood boil. They speculate on an investment (their houses) and get hammered and they couldn't afford it in the first place! They're so interested in a "low payment" that they never stop and consider the consequences. Then we all end up paying for their mistakes when the government bails them out.
I quote:
In other words, "We bought more house than we could afford but we were so interested in buying a nice house that we neglected to actually read our loan conditions. Then, we saw another chance to make even more money so we did it all over again. It was going to be perfect!"
I make quite a bit more than the $50K they make and I wouldn't consider a house purchase price over $175K (and my current house is quite a bit less than that).
I quote:
They bought their first home in 2005, for $269,000. They paid for it using an Option ARM, which allowed them to make a monthly payment of $850, which was less than what they paid for rent in Los Angeles. Only later did they realize that meant that their loan amount would grow over time, not shrink, as would their payments.
"When we saw the payments were so low we decided to buy another house," Rebekah Ao said. "With the market going crazy, we figured we could sell the other house in a couple of years."
"When we saw the payments were so low we decided to buy another house," Rebekah Ao said. "With the market going crazy, we figured we could sell the other house in a couple of years."
I make quite a bit more than the $50K they make and I wouldn't consider a house purchase price over $175K (and my current house is quite a bit less than that).
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From: Chandler, AZ
Originally Posted by Sr2oD3,Feb 5 2008, 09:53 AM
what happened? they never heard of the mortgage rule of buying a place that costs 2-2.5x your annual income?