What is your "Debt Free Date"

[beppington]

Is the person whole sold one of these greatly "overpriced" homes (or many of these homes) and walked with the money somewhat responsible for the problem. Is it possible that regulations were influenced by an industry that was enjoying huge profits?
I suggest that anyone who made more than reasonable profits may not be exempt from some responsibility. Many good, honest people who purchased homes did not for see the job losses and collapse of the market.
Maybe some of the stocks owned by the pure among us were in companies that had a selfish influence in this scheme. It's so easy to blame others - makes us feel better:thumbsup:

Are you saying a person who sold his house for what he feels was a very good profit should give some of it back to the person who bought the house? How much?

 

[Larry Caldwell]

I think the standard liberal mindset of "blame the US first" is showing through in your post.

If you think I'm a liberal, you have another think coming. I'm just not a right wing radical crook like Faux News supporters. There's only one honest conservative politician running for president, and his name is Ron Paul. Faux News has already said that if he wins the Iowa caucus, it "won't count." The right wing radical crooks can't stand the idea that somebody might cut into their profits.

For those who don't think this relates to being "debt free," realize that no matter how personally responsible we are, the small minority who stand first in line for federal money are running the country off a debt cliff. Here's an example of what I'm talking about

 

[ultrarunner]

Is the person whole sold one of these greatly "overpriced" homes (or many of these homes) and walked with the money somewhat responsible for the problem. Is it possible that regulations were influenced by an industry that was enjoying huge profits?
I suggest that anyone who made more than reasonable profits may not be exempt from some responsibility. Many good, honest people who purchased homes did not for see the job losses and collapse of the market.
Maybe some of the stocks owned by the pure among us were in companies that had a selfish influence in this scheme. It's so easy to blame others - makes us feel better:thumbsup:

Loren

Don't have a lot of follow-up on sellers...

I do know the Asian family that sold their home to Jose' for 510k took all the money and bought one of those mini-mansions in the valley for mostly cash (home plus savings) I visited once... very large home on a small lot... I think the home is 4500 square feet with 5' side yard set backs...

They now own a home they paid 650k for and is today worth about $280k... homes in California Central Valley fared far worse then those say in San Francisco or Silicon Valley...

So yes, the sellers did profit, but, they don't have anything to show for it today....

 

[Gale Hawkins]

Ultrarunner I do think policies did encourage first time buyers to step off into the deep end first.

While I know of one first time buyer that it did work out well it but we live in a region that did not any real bump in housing prices over the past 10 years. Even today one can find nice starter homes in the $75K range and very nice homes in the $125K+ range. $250-$350 will buy you a mansion.

I know of one home that was $10K in 1960 recently sold for $75K with a new roof and kitchen but needed another $10K in upgrades.

It was sad many like your example got caught us in the price spirial. Several years ago when we were named the number one retirement location in the USA I know people who came from CA and other areas after selling the $20K home for $500K and bought much larger/newer homes for $225K and banked the difference.

 

[lilranch2001]

Chris Dodd and Barney Frank are out or on their way out. They should be in jail. Now, the thing to do is make sure the rest of the Obama regime is out of office in 2012.

.

for sure!

 

[lilranch2001]

If you think I'm a liberal, you have another think coming. I'm just not a right wing radical crook like Faux News supporters. There's only one honest conservative politician running for president, and his name is Ron Paul. Faux News has already said that if he wins the Iowa caucus, it "won't count." The right wing radical crooks can't stand the idea that somebody might cut into their profits.

For those who don't think this relates to being "debt free," realize that no matter how personally responsible we are, the small minority who stand first in line for federal money are running the country off a debt cliff. Here's an example of what I'm talking about

I trust faux news to give the truth much more that Clinton News Network or all of the Obama networks

OH yeah. by the way so does a high percentage of America based on FOX News ratings

In regards to this, I remember 5-6 years ago how when you would go into a business somewhere and they would have CNN on their tv's, not most everywhere ya go they have FOX News on

 

[ultrarunner]

It was sad many like your example got caught us in the price spiral. Several years ago when we were named the number one retirement location in the USA I know people who came from CA and other areas after selling the $20K home for $500K and bought much larger/newer homes for $225K and banked the difference.

About the only folks I know that made out were those long time home owners cashing out and moving out of State...

Several I know moved to Arkansas, a couple to Oak Ridge Tennessee, Georgia and one co-worker moved back after 45 years to Mississippi.

They did as you mention... sold and had about 500k, bought a nice home... some with a little land and still had a couple of hundred in the bank plus social security/pension.

Nevada, Oregon and Washington also had an influx of folks from CA.

One entire family of 5 households moved from Oakland to Las Vegas... they bought very nice new homes with pools and three car garages... etc... everyone of the 4 kids walked away and now rent... sad situation when a dream turns into a nightmare... in this case it was the parents of the 4 that wanted to leave Oakland and have their grand kids grow up in a new community called Iron Mountain with new schools, roads, etc...

Some would say going through Bankruptcy makes one debt free.

 

[Gizmo2]

Some would say going through Bankruptcy makes one debt free.

I like the way you wrote that. Probably true but in my mind that would be the absolute last option, don't think I could live with myself.

 

[Gale Hawkins]

I like the way you wrote that. Probably true but in my mind that would be the absolute last option, don't think I could live with myself.

There was a time when that option looked like it might be the only way but we stuck with it and held things together until times improved.

I knew a guy $5K in debt that took the option which just blew my mind.

 

[Gizmo2]

There was a time when that option looked like it might be the only way but we stuck with it and held things together until times improved.

I knew a guy $5K in debt that took the option which just blew my mind.

Wow, your post got me thinking. I truly hope that my post was not taken as I would not ever claim bankruptcy or a slight toward some one that has too but just the fact it would be the last resort. Phew! that could have been a close one.