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Reply to "Housing prices are nuts. Did you buy anyway?"
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[quote=Anonymous][quote=Anonymous]I think we are in a bubble. In 2007 I'm sure everyone was using the same reasoning- the area is growing, people are highly paid, it's worth it to live here, etc. My own house, in PG county, has grown over 100k in value in 3 short years. This is nonsense. Nothing about my house or the area it is in justifies it. But I'm not going to pretend I have a crystal ball. Just buy what you can afford and hope for the best.[/quote] The last bubble was caused by financing, basically allowing you to borrow more than a home was worth, qualifying based on interest only teasor rates as stated income. It was in fact more beneficial to do a stated income for higher than your actual income to get favorable rates or borrow more. Now it is very different, you can't over extend yourself and your mortgage payment is pretty steady.[/quote]
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