Forced to commit CRIME!
Many of you know, I'm positively obsessed with the economy and Real Estate Market. I haven't posted much about them lately because... well, it turns out I was right.
Anyways, now that the wheels are falling off the housing market, people are taking extreme measures to avoid foreclosure. A friend of mine has filed bankruptcy... never mind that it means he is tied to the over-priced house even longer! I guess some of us pull the band-aid off FAST... and others pull it off slowly.
But what is so funny to me, is the victimology of all this. People that over paid for Real Estate and then took a big, fat, exploding loan are NOT VICTIMS. They signed willingly and of their own volition. Certainly, if a High School graduate like myself could figure out that this was a bad deal, it is not rocket science!
The fact that no one accepts responsibility for their predicament is just plain nuts.
Take this couple, for example: They couldn't make their mortgage payment, so they started a brothel. I mean, can't you see how being in debt forced them to sell their souls? Their good people, forced to a life of crime. Not their fault (it never is!) :)
Nope, I don't feel sorry for them. They made one bad decision after another. Now they need to learn from the consequences.
Today's Media Tidbit
In honor of all those fools that want to hang on by their fingernails to upside down real estate.... I present, Hick-Hop legend COWBOY TROY joined by Big n Rich for "I Play Chicken With the Train"
I guess I'm thinking of this because Big n Rich have the new Jewel CD "in the can" and ready to drop (read more here)
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Comments
Well first of all, what has carried the economy through for the last several years is the equity in peoples homes. The steam engine is slowing down, yes, and historically it always does, every 10 years. For those of you who have not figured it out yet, let me enlighten you. When I first moved to California in 1983 it was the beginning of the first housing downturn that I remember. It took a couple yeas for things to turn around but they did and they always will. DO NOT BUY INTO THIS CHICKEN LITTLE MENTALITY THAT the housing market has fallen and it can't get up. Come on folks, anybody with a hiigh school education can figure it out that this a cyclical cycel. It always has been and always will be. The ones left holding the bag at the end are the people who dol not own property. They will always be left behind. In aq couple years the condo that has fallen 100K or the house that spiraled down a quarter of aq million will regain their value plus another 50%. It always happens. The condo I own here in California is $400K. It has gone down 50K but this is the reason I hang onto it. This society is becomi9ng a society of haves and have nots and the have nots will be the people who do not own real estate. Is this not always the case? Thios 400K condo will be (this is my prediction) $800K in the year 2010. This is the condo somebody once said that place will never be worth over $250K. Surprise! It was up to $450K. It will be again. It is just a matter of tiem before the market returns to the frenzy that it was once before. That i9s why owning a home haqs alwyas and will continue to be the "American Dream". Is this not true? Ask a renter if they would prefer to won something wioth their name on it and chances are they would like to bhe in the position of being called a homeowner. So don't listen to the "Chicken Littles" of the world. There will always be doomsayers amongst us. They are everywhere. Do not listen to them.l Now is the time to purdchase a house or condo because in a blink of an eye, time passes so quickly, that some of you will listen to these people and once again, be on the outside looking in and wishing you had had the sense in 2007 to pay $ 500K for that condo or house because now,k the prioe is at a record breaking $1,300,000.00 aqnd you wished that you had purchased it back then but you did not. And once again, you will be on the outside looking in. Don't let this happen to you. Buy your home today!