Quote:
Originally Posted by GregE
Consider too that:
1) Those who get foreclosed on will be knocked out of the housing market pretty much forever, regardless of how much they might earn in the future, due to their credit scores having been effectively nuked.
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Foreclosure doesn't nuke you're credit like a bankruptcy. 36 months of good payments on
other debts and you'll be on your way. In the mean time save up for 20% down, pay off all your bills, use cash and fuck the system.
Its fixed to keep you a slave. Your credit score gets hosed if you don't use your credit cards or loans, and it gets hosed if you do. They ding you for checking it too much and they ding you for transferring balances... among a million other bs reasons
You could also try a short sale which is even better.
Another thing to remember is the baby boomers... They're getting to retirement age, or
nursing home. How many of these people are going to buy homes? Especially if their
retirements are being wiped out as the months roll along. Also the middle class is getting hacked away like no tomorrow, people won't be able to afford homes until they reach poverty level pricing. America will end up being a two tier society just like Mexico.
