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Bloodbath only a few hours away
ChadTower:
--- Quote from: shardian on January 22, 2008, 04:44:35 pm ---People who bought mansions aren't the only ones being foreclosed on. People who are buying small 100k houses, but only have wal-mart salaries are also being foreclosed. I do know that I was approved for FAR more than I could realistically afford.
--- End quote ---
Gotta keep the regional scale. There are no $100k houses here. $100k doesn't even buy you a 1 bedroom condo in a run down building. I'm not talking about mansions.
mr.Curmudgeon:
This is bigger than your regional scale, so I don't see how that applies.
Detroit, for example, is experiencing record foreclosures and the housing market there is not $500k-600k houses. The Detroit Free Press was 122 pages of foreclosures...TWO Sundays in a row.
Real people, making the best decision they thought they could make were hurt by this. Now we're all going to be hurt by this. Personally, I hold the banks more accountable, I mean...for Christ's sake...money is THEIR business. They have every right to manage the loans they give out, and decide if one's credit history and job fortunes are enough to loan out cash.
They got greedy.
ChadTower:
--- Quote from: mr.Curmudgeon on January 22, 2008, 04:54:56 pm ---This is bigger than your regional scale, so I don't see how that applies.
--- End quote ---
It is but all you do is shift the price involved. The list of causes doesn't change if you go to WV or MO or TX.
shardian:
--- Quote from: ChadTower on January 22, 2008, 04:47:14 pm ---
--- Quote from: shardian on January 22, 2008, 04:44:35 pm ---People who bought mansions aren't the only ones being foreclosed on. People who are buying small 100k houses, but only have wal-mart salaries are also being foreclosed. I do know that I was approved for FAR more than I could realistically afford.
--- End quote ---
Gotta keep the regional scale. There are no $100k houses here. $100k doesn't even buy you a 1 bedroom condo in a run down building. I'm not talking about mansions.
--- End quote ---
salaries scale accordingly along with home prices, so it's all the same...except for California and NYC. Those places are just unreal.
mr.Curmudgeon:
Not entirely true. The median income (4-person family) in Massachusetts was the same as Michigan, when I moved out here in 2001. Haven't checked it since. And housing prices were/are OUTRAGEOUS.
EDIT:
Even right now, there's not a tremendous difference:
Massachusetts - 85,420
Michigan - 71,542
The job market makes all the difference. Michigan is hardest hit with foreclosures because of a loss of manufacturing jobs as the auto industry struggles. I know. My people are there, they're being effected and it sucks.
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