i bought a house that i could afford and paid for it...what could be simpler than that. had to qualify, had to put 20% and never ever got a second morgage on it to play or pay for other things...i guess the value of it goes up and down...still live in it for rent free...the only thing that continues to go up annually are the taxes which i am sure are being pissed away as my ss taxes were for over 30 years...CRA had it easy for people who should be saving for a down payment or renting to get loans they can’t afford and now CRA has robbed my 401k and IRAs...it took me 30 years of saving and maxing out monthly savings....the same amount has been lost in 5 months....that took me 30 years to attain...now that i believe is something to be ENRAGED about...and i am!!!!!!!!!!!
Me, too.
Except I am also enraged about the fact that we had to move in 2005 and, even knowing the market would go down *some*, we bought a new home that we could afford and put 20% down as we always have.
Because of the “other guy” ruining the housing market with these scams, home values in our city have gone down about 40%. The guy who put nothing down and has skipped payments can get a loan modification, a short sale, or some kind of gubmint handout. Me, I can’t even get refinanced to a lower rate under any circumstances.
That’s enraging. If the loss of value had been part of a “normal” cycle, so be it. But to lose 40% in less than a year, and then lose 40% of my hard-earned retirement, while deadbeats who got a gubmint handout are ALREADY RE-DEFAULTING AT A RATE HIGHER THAN 50%-—that’ll blow your mind.