S
Shattered
Guest
Shattered, let me explain a simple concept to you.
Back in 2001 and before that, several families in the middle class bought houses for say 10.
At one point, those houses were worth 20+. (So their value doubled.)
Now however, most of those houses are worth 7 and below.
Meanwhile, the cost of living has raised from say 10 to 15. But the average worker's salary has went from 12 to maybe 13 at the most.
People can't keep up with the cost of living because everything is getting more expensive.
The people who are losing their homes now didn't buy houses they couldn't afford. They could afford them, but this current economy changed that.
t r u t h o u t | Twenty Questions: Social Justice Quiz 2008
Could afford them THEN at their present rate of pay only, or CAN AFFORD THEM, worst case scenario?
I haven't had a problem, nor has MY house been repo'd.. Simply because I didn't go with what the banks said I could afford. I went with what I know.