I like how in SBell's world, all of these things just mysteriously sort of happen completely independent of human action!
Somehow, a family was forced to buy a house! They couldn't possibly have rented one! They had to buy and they had to do it in the middle of a housing bubble. They couldn't possibly have researched the economic landscape and became informed of the potential risks before making that decision! Nope. Just happened.
Then somehow, BAM! Their family grows. Too bad we haven't yet discovered how babies are made. Oh well, someday we'll figure it out. We MIGHT even invent drugs and devices and medical procedures that can prevent unwanted pregnancies. Oh that'll be the day!
Then some mysterious force is requiring them to buy another house! They couldn't possibly keep the house they have and attempt to rent it out or something while renting out a bigger house for themselves to live in. Nope, for some reason that is completely not an option. Nor could they have the kids share a room or something, like virtually all of our parents and grandparents did. Nope! Totally not feasible.
Man, does the entire middle class just collectively have the WORST luck or what?
-- SmartMuffin - Because anything less would be uncivilized http://img.imgcake.com/lolkrugmanjpgry.jpg
No, it was a pretty obvious bubble. what wasn't obvious was when it was going to burst and unfortunately a majority of soon to be homeowners couldn't sit around and wait and had to do what was necessary for their family and now they are suffering for it.
Good thing we have people like Smuffin in the world to remind these people that they deserve this hardship.
SBell0105 posted... No, it was a pretty obvious bubble. what wasn't obvious was when it was going to burst and unfortunately a majority of soon to be homeowners couldn't sit around and wait and had to do what was necessary for their family and now they are suffering for it.
Good thing we have people like Smuffin in the world to remind these people that they deserve this hardship.
didn't you buy into an adjustable rate during the bubble? doesn't sound so obvious to me
neoneaper posted... redrocket posted... neoneaper posted... it wasn't an obvious bubble
lol
please explain why it was an obvious bubble, I'd like to hear how you explain it.
Prices had been shooting to the moon with no end in sight. Clearly this was never going to end, because buyers could afford to buy houses at drastically increasing prices forever.
Literally everyone was talking about "investing" in housing, and they were treating it like a get rich quick scheme. "When your grocery bagger is giving you stock advice, it's time to get out of the market." That's how bad housing was.
If you bought in near the beginning of the bubble, you might be able to claim it wasn't obvious yet. At the same time, you would be losing a lot then people coming in later.
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From his looks Magus is Macho Man Randy Savage as an anime zombie. The black wind howls, and one of you will snap into a Slim Jim ooh yeeeah! -sonicblastpunch
And yeah, your average Joe might not have found this completely obvious. That's why you do some research before getting yourself into hundreds of thousands of dollars worth of debt. I'm no industry expert, but basic research warned me this was coming back in 2004-2005.
--
From his looks Magus is Macho Man Randy Savage as an anime zombie. The black wind howls, and one of you will snap into a Slim Jim ooh yeeeah! -sonicblastpunch