Reply by ChicoWoodnut

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Posted on A sign of the new economic times?

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904 posts in 3809 days

#1 posted 11-02-2008 11:00 PM

It’s more like Trickle out of the country. Turned into a flood though with cheap credit and housing bubbles.

Now the Fed and banks are doing their best to try to prop up the bubble instead of letting the market do what it should to housing prices; bring them down to earth.

It won’t work though. There is an absence of morality driving people to walk away from upside down morgages. Why would they re-finance a house that might never be worth what they owe on it? I see it all over town. Houses can’t be sold or rented because too many were built to begin with and then sold to people who couldn’t afford them. At the time the developers were crying out that the reason for the high prices was because the City wouldn’t let them build them fast enough.


Now they aren’t building and there are incomplete developments that have been abandoned by developers. Streets all laid out, curbs halfway poured, weeds growing everywhere.

My wife and I saved and bought a house we could afford. It will be paid off in 5 years. We didn’t get a second morgage so we could buy a 60” plasma TV or take a trip to the Med. What do we get for that? A $700 Billion (with a B) debt to pay for the bad decisions of others (both main and wallstreet). I’m sorry but I’m not feeling too sorry for anyone in that boat. It makes me want to puke when I see some “Poor main street” person facing the loss of their home because they took out two or three morgages for spending money or bought a home they couldn’t afford and now can’t (or wont) make the payment.

Stepping down from soap box.

-- Scott - Chico California

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