Reply to To those who can't make ends meet on $250K, take note:

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Stfu live within your means people, you probably all bought houses before 2005 , for others that dont haves fake equity down payments 250k a year ain't shit considering a decent house is 750k[/quote]

There are plenty of decent houses below 750K. In fact, there are plenty of decent houses below 500K or even 300K or less.

And I don't know why someone would buy a house and incur another mortgage that they can't afford if they hadn't sold their first house yet. Downsizing and renting are not dirty words.[/quote]

EXACTLY. A decent house is 750k? Since when? People are too spoiled about where they want to live.  And they make risky purchases and then want to call themselves poor.  Why not downsize, go down to one car, and yes consider public school - and who said to do it just for a year? It is crazy to think that people cant be happy in a smaller home with a used car and kids in a good public school - at the very least they wouldnt be swimming in debt, right? And that seems to be the complaint.  Some people just arent willing to take their lumps.  And sorry but they truly dont know what poor is.  There should be a wake up people kind of reality show on this.  Or maybe there already is? It would be very informative on the difference between living in poverty and living beyond your means.   [/quote]

You know why? I live in America I am not in a 3rd world country. If I wanted to live in a tiny hut, with a moped and like some poor ass fool I would move to 3rd world asia or just go on welfare and stop working.

Let me guess you lived with in your means and magically got a bunch of equity from your prior to 2005 home purchase. BE honest what is your mortgage, income, value of your house and downpayment.

Here is mine salary of 240k a year, bought 1br 1974 condo in 2005 a condo for 270k that i can't sell and rent at a loss, bought a 1500sqrft 1959 signle family house in 2007 for 560k, and its probably worth 500k. Granted I purchased in Tyson's Falls Church so I am not too bad but people like me got SCREWED. Basically all the money and appreciation older buyers experienced was due to first time home buyers bascially giving you our money. The day I can unload my condo and house I will be buying something for about 750k maybe more but right now I am stuck. So you can spare me the lecture and yes I am doing fine but the biggest issue is the cost of housing for young families in this area makes people who are 250K bleed out all their money. The whole save and scrimp bull shit usually comes from people that already made their equity by buying before 2005. Do you honestly believe that between 2000 and 2005 that the DOUBLING actually 2.5x of your home value was because you scrimped and saved? Thats bull shit and everyone knows it.

[img]http://www.jparsons.net/housingbubble/washington.png[/img][/quote]

You got greedy, you bought in what many thinking people knew was a bubble, and I am supposed to feel sorry for you? Give me a break. I've paid my own way since I left home at 18. Watched prices go up at ridiculous rates in the early 2000s, listened to friends like you ridicule me for not getting into the market, and I saved, saved, while living in a crappy basement apartment. Bought my first home in 2009 with my husband, conventional mortgage, including 20% down payment. It's smaller than we would like for our family, but that's life. And we can afford it -even if prices dip 10-20%. We make less than $200K. Your claim that everyone who doesn't want to hear your whining bought pre-real estate bubble is just plain wrong. You made bad money decisions. PERIOD.[/quote]

You better be nice to us bubble buyers, a lot of us own multiple underwater DC area homes and are holding on to them. If we all defaulted post buble buyers would be royally FUCKED.[/quote]

Nope. I would not. You're dreaming, hoping to share your misery. I bought what we could afford, even with catastrophic market losses. If we have to live here 20 years, so be it. I am an adult, I can accept the consequences for a calculated risk that i freely chose to take. Your greed doesn't scare me, though it's clear you wish everyone could be in your pathetic position. Might I suggest anger management? This is going to be a long, crappy recovery.[/quote]

In my age bracket 30-35, I know 4-5 other people in the same position each owning 4 houses or condos. I even know someone who has 6. We are getting by because the DC economy is pretty good but think about it, what would happen if we all went bankrupt?

This was common in 2005 because there was no way any of us could get to where the older generation's equity position was without taking on more homes. This isn't a pitty call or a bitching it's a truth of the situation a lot of us are in. We make good incomes and would like to start a family in a decent size home and saw the only way towards this goal was to buy multiple properties or to hold on to a previous one while we moved to a larger one.  This isn't greed this is the reality of the situation. Back before the bubble you could save up for 20% down on a decent sized (2500 SQRFT+) newer home on the average salary without any issues, now a days it is very difficult if not impossible.[/quote]

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