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Originally Posted by SiMpLe
Yup - I held off during the wave of sillyness just for this to happen
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Quote:
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Originally Posted by JFK
me too,waiting for the downturn  |
Why would you hold off? If you purchased 3 years ago, you could have locked a 30yr. fixed for 5.5% and the house has doubled in value!
And to answer the question why anyone would get an ARM - if you are buying property as an investment, you rent out your porperty for a couple of years, the value goes up and the rent sustains the mortgage and finally you sell!
(there are many more reasons and if you want to know ask me
)
Yes there are many that got in way over their head, but the prices are not going to drop as much as people think. The market will correct itself.
Yes there will be many foreclosures, but the prices are not going to drop by 50%. Had you purchased a home 3 years ago, you would still be sitting on a ton of equity.
Now the people that took out HELOC's and spent the money on new cars or other luxury items are screwed!
