I keep reading all of these articles that are blaming the banks and lending instuitions for the current real estate problems. Makes me wonder if all these people that are doing this haven't been to a closing. Everytime I go to a closing they clearly go over the loan that the client had choosen, we aren't forceing these people take these risky loans are we. People got into the mind set that they had to have a house and would do anything to get it.
One of the biggest problems is that people look at their house as an investment instead of a place to live. I look at my house as a depriatating assest. By now everybody should have read Rich Dad Poor Dad. and it goes over this theory.
Sorry everybody I'm just venting - I was reading a blog tonight that talked about people going out and buying a new house and turning their old house over to the bank. Which in turn floods the market with more houses and makes this market even worse.
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