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Originally Posted by DebbieL
I'm with you Scanner - boo hoo hoo for them. They should have known better. I haven't trusted this crazy housing market for years now (why on Earth is a house that cost $200K five or six years ago worth $550K now?). Many people jumped into houses they (obviously) couldn't afford - alot of them thinking that housing just goes up, up, up and they will get rich off it. Guess what - it also goes down. I have never understood how the average household income where I live could be about $60K and the average house selling price is about $540K now. Something's gotta give baby. I have NO SYMPATHY whatsoever for anyone being so irresponsible to be signing a half million (or more) dollar loan then saying they didn't understand it. WTF??? I couldn't sleep at night if it were me. I'm waiting this stupid bubble out. Hopefully before long things will be a little more sane here (I'm in Victoria, BC).
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the mistake not being discussed is that the HOME you live in is NOT an investment. At least not a good one.