New loan Lenders are not going to look favorably on people who Default their old deflated house loans to buy another now cheaper house. If they started doing that, everyone would just default and rebuy...
JC O'Connell [EMAIL PROTECTED] -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of John Francis Sent: Friday, November 07, 2008 12:42 PM To: Pentax-Discuss Mail List Subject: Re: Foreclosures: Bruce Gilden On Fri, Nov 07, 2008 at 08:24:42AM -0600, William Robb wrote: > > ----- Original Message ----- From: "Bob Sullivan" > Subject: Re: Foreclosures: Bruce Gilden > > >> I'm suprised by the focus on the low priced home segment of the >> market. News reports here put the bulk of the problem in the high >> ($350,000+) priced homes. This report becomes a kind of cliche...hard >> luck stories of broken people. Regards, Bob S. > > I expect the people on the lower end of the price range are far more > affected than the people on the higher end of the market. Depends on how you look at it. The problem comes because people took out loans on more house than they could afford, assuming real estate prices would continue to climb. That sort of price speculation was by no means confined to the cheaper end of the housing market. On the other hand, though, if you find you can't afford your $400K loan you're a little more likely to be able to find something cheaper than if you had stretched to buy in at the bottom end of the market. (Assuming you can find a bank prepared to make you a loan, of course). -- PDML Pentax-Discuss Mail List [email protected] http://pdml.net/mailman/listinfo/pdml_pdml.net to UNSUBSCRIBE from the PDML, please visit the link directly above and follow the directions. -- PDML Pentax-Discuss Mail List [email protected] http://pdml.net/mailman/listinfo/pdml_pdml.net to UNSUBSCRIBE from the PDML, please visit the link directly above and follow the directions.
