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« Prayer warriors | Main | NC8 »

May 28, 2010

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Ishmael

I was walking our neighborhood the other day and noticed a house that had obviously been abandoned, but there was no "for sale" sign in the yard, just remnants of a life once lived there: a dog crate on the deck, several basketballs strewn around the yard, an old weight bench with weights tossed out the back door.
Seeing this made me sad and angry at the same time. This house would most likely have sold in the $300-400K range. How many people make that kind of money? Yet these houses are everywhere out here and evidently someone told them they could afford it or else they were enticed by the idea that so many people of their income class were doing the same thing.
I know that a fool and his money are soon parted but in the past few decades good old economic common sense ceased to be taught to the younger generation. Who/what is to blame for this tragedy?

Andrew Brod

I blame Ed.

Mick

There is much "blame". WE are to blame. The lending/sales climate of the era. The current economics for some/many. The individuals who purchased the home. Plenty more to go around.

"How many people make theat kind of money?" We dont but they were your neighbors.

The foreclosure stuff knows economic boundaries but most foreclosed homes (at least locally)are not of this nature.

Ishmael

"How many people make theat kind of money?" We dont but they were your neighbors.

Yes, you're right. But when we started out we did not assume we could afford a brand new house 3,000 square foot house. The house we live in now is modest by comparison and we would like to keep it that way.
I know it is wrong to judge but if this financial downturn has taught us anything I hope it is that the house you live in shouldn't take more than 1/4 of your income.

Mick

Are you assuming facts not in evidence here? How do you know the former owners were "starting out"? Many factors could have caused assumed foreclosure. There were foreclosures prior to this day and time.

No doubt locally we were and remain overloaded with homes at certain price ranges. It was a topic in many professional circles prior to the current "market realignment".

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