Don’t have any foreclosure notices thankfully, but plenty of for sale signs.
Let me ask this question, I may be way off base, so don’t flame me too bad, but from what I’ve been reading this is gonna affect those people who chose ARMS basically.
Okay I bought my house approx 4 years ago and I got a 5.x% interest rate, which I think is pretty darned good. At the time I remember thinking ARMS are stupid at this rate because the rate really has no place to go but up and hey if it goes down MAYBE another 1%…my bad.
So why in God’s name would I choose an ARM. Seems people gambled and lost. I don’t want to sound like a prick, but you should’nt have chosen an arm and also at that point it was almost criminal to offer the stupid things. This is just my opinion, if I am wrong please let me know why, I’m willing to be educated.
I don’t see that many. I live in a new housing development area so there are a lot of vacant lots for sale and spec homes being built, but no older homes for sale.
I do make my way through the old north side that is solid older, middle class homes and the only one that I know of that is for sale is my brother’s old house!
Really, the housing market is in the crapper around here so it’s not really a time to sell. But if you are looking to buy, you can pretty much steal houses!
[quote]btm62 wrote:
Don’t have any foreclosure notices thankfully, but plenty of for sale signs.
Let me ask this question, I may be way off base, so don’t flame me too bad, but from what I’ve been reading this is gonna affect those people who chose ARMS basically.
Okay I bought my house approx 4 years ago and I got a 5.x% interest rate, which I think is pretty darned good. At the time I remember thinking ARMS are stupid at this rate because the rate really has no place to go but up and hey if it goes down MAYBE another 1%…my bad.
So why in God’s name would I choose an ARM. Seems people gambled and lost. I don’t want to sound like a prick, but you should’nt have chosen an arm and also at that point it was almost criminal to offer the stupid things. This is just my opinion, if I am wrong please let me know why, I’m willing to be educated.[/quote]
[quote]Zap Branigan wrote:
btm62 wrote:
Don’t have any foreclosure notices thankfully, but plenty of for sale signs.
Let me ask this question, I may be way off base, so don’t flame me too bad, but from what I’ve been reading this is gonna affect those people who chose ARMS basically.
Okay I bought my house approx 4 years ago and I got a 5.x% interest rate, which I think is pretty darned good. At the time I remember thinking ARMS are stupid at this rate because the rate really has no place to go but up and hey if it goes down MAYBE another 1%…my bad.
So why in God’s name would I choose an ARM. Seems people gambled and lost. I don’t want to sound like a prick, but you should’nt have chosen an arm and also at that point it was almost criminal to offer the stupid things. This is just my opinion, if I am wrong please let me know why, I’m willing to be educated.
I feel the same way.[/quote]
Me too. I don’t think the lenders should be bailed out either, because in my opinion they were engaged in predatory lending, and were basically gambling themselves. But of course it’s going to have a trickle affect on other sectors, blah blah blah.