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Let's see, from 2003 to 2006, every mortgage broker I knew (plenty since I was in real estate) tried to pressure me into buying. I thought the annual appreciation was unnatural and was told that if I did not buy then -- no money down, of course -- that I'd never be able to own.
A lot of my friends fell for that line.
They are in upside down mortgages.
Meanwhile, I continued to move to wherever I felt like it every one or two years.
Planning on moving to Florida early next year and can because I do not have a house I am upside down on.
If being smart makes me scum but saves me $300k by not buying at the top of the market I will happily take the title. I'm glad not to have the burden of so many of my peers at 31.
The rent I pay for the new house I live in -- one the developer still owns because he could not sell -- is less than all the neighbors pay for their mortgages.
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