Originally Posted by RC45
Hmmm... this "crisis" is not a "crisis" at all... it is a reality check.
Those that should not have been loaned money are the ones in the crapper right now.. and those people who wanted to borrow more than they could afford and were approved, can't sell the $700,000 house they couldnt afford anyway, even at $400,000.
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I agree with the points you make about the circumstances ('cause they're correct) so don't get me wrong there.. but with each new day here in Las Vegas it's starting to seem more and more like a crisis. The effects of the foreclosure rates here are starting to have a negative effect our crime rate (which was already too high during the good times) and things of that nature. It's starting to drive business out of town. It's all a big circle jerk, as you know.
Which BTW, Texas is also a state that's being heavily affected by this credit crunch, correct?
I suppose the only good thing that will come out of this for a young guy like me is I may be able to get a loan (the right way, of course) on a home as the prices have gone down drastically. I've even seen incentives like full kitchen appliances & upgraded counter-tops, things of that nature, for free just to try and get people to buy homes again. And I mean on top of the lowered prices.
My grandpa reported to me that in his neighborhood about half of 60 some homes have signs on the lawn. And that's just one sub-division
