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  •  Define 'housing market not recovering' (0+ / 0-)

    because if you expect housing prices in CA, FL, AZ, or NV to be anything like what they were a few years ago, that's not EVER happening again.

    Those prices were ridiculous, and completely unsustainable. Everybody knew that. You can't sell people who make $40k/yr $500k houses and think that's a GOOD thing. Or that they'll be able to pay them off in anybody's lifetime.

    Those prices have to come down - a lot. They're STILL way, way too high in most of those places.

    The rest of the country isn't nearly in the same place. While prices have dropped, in most places they haven't dropped by nearly as much.

    •  That maybe true but if you are paying a mortgage (0+ / 0-)

      and are underwater, it impacts the recovery of everything.  People cannot move, get better jobs, etc, etc.  There will continue to be foreclosures and people walking away which will impact both credit and jobs for many people.  Housing has always been the largest component of people's wealth and well being and as long as that is wounded, we will stay in a malaise.  

      "New TSA slogan: can't see London, can't see France, unless we see your underpants."

      by lakehillsliberal on Mon Dec 06, 2010 at 10:50:27 AM PST

      [ Parent ]

      •  I understand that (0+ / 0-)

        but it doesn't change the fact that somebody who makes $40k/yr, and maybe brings home $2500-3000/mo cannot afford a mortgage of 300, 400, 500k. It's just not possible.

        IMHO, if the bank gave them that mortgage, they should eat it when he stops making payments. Which he WILL do, without a doubt. He won't have a choice.

        If it was up to me, whoever originated that mortgage should have responsibility for it. If they were stupid enough to approve somebody for a mortgage that they obviously couldn't afford then, and could NEVER afford in this lifetime, they should be the ones who get stuck.

        But regardless - those house prices aren't going that high again. They never should have gone that high in the first place.

        I feel sorry for the people stuck, but I have no compassion for the banks and/or mortgage brokers who approved them for the house in the first place. They didn't do ANYBODY any favors.

        IMHO they're the ones responsible for this entire mess. Just as responsible as the banksters who were so eager to buy up those bad loans.

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