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why that was nice
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<blockquote data-quote="HitManSE" data-source="post: 3601807" data-attributes="member: 549624"><p>The part in bold is definetely a problem, thats why it was stated those people were stupid. If someone could be swayed so easily, without asking any questions...then they are pretty much, stupid. Sure they could be put into a house for the same price, but a simple thought that comes to mind is for HOW LONG? 1 yr? then what? If they simply applied supply and demand, they should have been able to see what the outcome was going to be. If the housing boom wasnt that, and the demand wasnt as high.</p><p></p><p>Well, then the ARM loans may have been a good idea. Thats IF everyone wasnt going crazy buying as many homes as possible, overextending their loans beyond anything they could possibly afford. A few of my friends did the same thing, one bought one and actually started off with a 30yr (like I suggested) but 6 months later the price had gone up. So what happened? He re-fied with an ARM and pulled about $50k and the payments stayed the same. Despite my warning, he was ecstatic at the time. Well, hes upside down now //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif</p><p></p><p>Another ended up buying 3 condos (you know, those apartments that everyone converted //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif ) same issue but he started off with an ARM. Hes crying now. I however stuck to just one, sure I wish I had bought another one too but it wasnt realistic at the time and I sure wasnt about to overextend myself and pick up an ARM. Hell with that.</p><p></p><p>Not to mention all those greedy homebuilders that are now screwed as well. The market hit that pothole and flipped for many that had applied for loans several months (if not further back) prior to it stalling out. Well, now they got those large loans they were waiting for. What can they do? Not build? They're still building. Thousands went up post market stall and they knew they were stuck.</p></blockquote><p></p>
[QUOTE="HitManSE, post: 3601807, member: 549624"] The part in bold is definetely a problem, thats why it was stated those people were stupid. If someone could be swayed so easily, without asking any questions...then they are pretty much, stupid. Sure they could be put into a house for the same price, but a simple thought that comes to mind is for HOW LONG? 1 yr? then what? If they simply applied supply and demand, they should have been able to see what the outcome was going to be. If the housing boom wasnt that, and the demand wasnt as high. Well, then the ARM loans may have been a good idea. Thats IF everyone wasnt going crazy buying as many homes as possible, overextending their loans beyond anything they could possibly afford. A few of my friends did the same thing, one bought one and actually started off with a 30yr (like I suggested) but 6 months later the price had gone up. So what happened? He re-fied with an ARM and pulled about $50k and the payments stayed the same. Despite my warning, he was ecstatic at the time. Well, hes upside down now [IMG]//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif[/IMG] Another ended up buying 3 condos (you know, those apartments that everyone converted [IMG]//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif[/IMG] ) same issue but he started off with an ARM. Hes crying now. I however stuck to just one, sure I wish I had bought another one too but it wasnt realistic at the time and I sure wasnt about to overextend myself and pick up an ARM. Hell with that. Not to mention all those greedy homebuilders that are now screwed as well. The market hit that pothole and flipped for many that had applied for loans several months (if not further back) prior to it stalling out. Well, now they got those large loans they were waiting for. What can they do? Not build? They're still building. Thousands went up post market stall and they knew they were stuck. [/QUOTE]
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