Comments on: The Mortgage Crisis and the Silver Lining

By: Carole Cohen

Carole Cohen — Mon, 31 Mar 2008 19:05:49 +0000

Thank you for the ’shout’ and what a wonderful post you wrote about this. The truth is, buying a home regardless of the market situation is fluid; meaning the price ‘could have’ wound up lower in a month…or not lol. This however is the first time I have been encouraging my clients to think about the fact that the mortgage rates are now tied to the stock market and while a home may be listed lower in a few months, the higher rates could kick in. It’s always a bit of a crapshoot when you get right down to it. The most important thing to me is to find the means to buy a house first then find one you like and not worry about dickering over those last few pennies. Seriously! Good comments here too, Sharon.

By: Newurbanmom

Newurbanmom — Mon, 31 Mar 2008 16:55:45 +0000

Thanks for all these good points. It was a hard lesoon to learn and before long will likely be forgotten again, but for now this crisis will reinforce much of what Treece and others have said. We need to live within our means and note what is truly important in our lives – family and community.

Now that prices will come down to reality, maybe more of those hard working folks who did not enter the housing market before because they were responsible with their resources and refused to assume unrealistic debt , can now take steps to invest in the communities they enjoy.

By: Tamara Wilson

Tamara Wilson — Mon, 31 Mar 2008 16:22:48 +0000

I Totally agree with Treece here. It may be hard to live with in our means however it is possible and in the long run worth it. There is no need to buy added stress. For me living above your means is just that buying stress.

By: Carrie at Natural Moms Talk Radio

Carrie at Natural Moms Talk Radio — Mon, 31 Mar 2008 16:00:21 +0000

mortgage. sorry fast typing. LOL! Did you know that mortage literally translates “Death Tax”

By: Carrie at Natural Moms Talk Radio

Carrie at Natural Moms Talk Radio — Mon, 31 Mar 2008 15:59:52 +0000

Amen Treece. This emergency was created by banks who loaned to people who had no business buying a home and by people who took out mortage loans who had no business doing so.

By: Mortgage » The Mortgage Crisis and the Silver Lining

Mortgage » The Mortgage Crisis and the Silver Lining — Mon, 31 Mar 2008 15:56:46 +0000

[...] Dave WestheimernHThe mortgage crisis in army has created a Brobdingnagian oppose for whatever families and individuals as they impact been eery into foreclosure. Bloomberg.com reports that Calif. had the most foreclosure filings in the US tangency gathering and the … [...]

By: Christina Lemmey

Christina Lemmey — Mon, 31 Mar 2008 15:42:15 +0000

I couldn’t agree with you more, Treece!!

By: Treece

Treece — Mon, 31 Mar 2008 15:19:18 +0000

We bought our house with 20% down and within a year were in a position with no equity. We were fortunate enough to ride out that dip, but remember what it was like to be locked into a high variable interest rate with no way out. We couldn’t refinance because we had no equity.

While I understand that many fall “victim” to a changing economy, I believe that there are too many people that choose to move to bigger houses, drive gas guzzling SUVs, and pile on credit card debt in order to live a life style they truly cannot afford. People need to learn to live within (or below) their means in order to live comfortable without needing to be bailed out. Cable TV is not a necessity for goodness sake!

By: Your Foreclosure . Info » The Mortgage Crisis and the Silver Lining

Your Foreclosure . Info » The Mortgage Crisis and the Silver Lining — Mon, 31 Mar 2008 14:37:57 +0000

[...] The Candid Blogger wrote an interesting post today onHere’s a quick excerptThe mortgage crisis in America has created a huge challenge for many families and individuals as they have been forced into foreclosure. Bloomberg.com reports that California had the most foreclosure filings in the US last year and the … [...]