I just watched Dateline video from msnbc. This basically shows what happend in the past decade in mortgage/real estate industry. Greed drove all the smart and high flying professionals to generate liar loans and unqualifying mortgage holders went for the bait because... of course Greed.
I thought I knew generally what happened but this toxic asset spreaded like cancer to every part of the wall/main street and was somewhat eye opening. I am convinced for sure that we are long way to go before this crisis is over and the housing price will have to go down even further (much more than now).
It was amazing however, that all of the forclosed ex-home owners in this program claims that they are not at fault (just a little bit) and they are victims. Only the convicted mortgae professionals or whistle blowers were the only ones that said everyone involved was greedy and didn't think it was going to last.
Obviously no one know when it will be the bottom and how much the home price will fall but I don't think we have seen it all just yet. As IR mentioned in some thread, I feel like I'm one of those who waited but now can't get a house in a descent neighborhood and need house price to come down much more and lending practice to flow much easier.
I am seriously concerned about our economy, society, and how it will affect my future, retirement, and my kids' lives. Of course I won't live on rice and beans and deprive everything from my kids but I'm going to treat this time as a new begining and pretend like whatever 401k, stock, or savings I have is not there. I'll re-budget, re-plan, and re-think about my personal finance so that in 5, 10, or 15 years, if/when economy recovers, 401k recoups, and/or saving grows, then it would be a surprising additions, not necessity that I have to have.
AM I FOOLISH TO THINK THIS WAY? AM I PARANOID? Even though I was hopping for Irvine housing price to go down to 2001/2002 level, I laughed at people claming we may see 1998, 1997, or even 1996 level (when last boom crashed and bottomed out). Now I dont' laugh any more....
Sorry for rambling but I had to get out of my chest but I feel that this blog (with a few exceptions) is a place where I could get honest opinions and facts without any horse plays...
I thought I knew generally what happened but this toxic asset spreaded like cancer to every part of the wall/main street and was somewhat eye opening. I am convinced for sure that we are long way to go before this crisis is over and the housing price will have to go down even further (much more than now).
It was amazing however, that all of the forclosed ex-home owners in this program claims that they are not at fault (just a little bit) and they are victims. Only the convicted mortgae professionals or whistle blowers were the only ones that said everyone involved was greedy and didn't think it was going to last.
Obviously no one know when it will be the bottom and how much the home price will fall but I don't think we have seen it all just yet. As IR mentioned in some thread, I feel like I'm one of those who waited but now can't get a house in a descent neighborhood and need house price to come down much more and lending practice to flow much easier.
I am seriously concerned about our economy, society, and how it will affect my future, retirement, and my kids' lives. Of course I won't live on rice and beans and deprive everything from my kids but I'm going to treat this time as a new begining and pretend like whatever 401k, stock, or savings I have is not there. I'll re-budget, re-plan, and re-think about my personal finance so that in 5, 10, or 15 years, if/when economy recovers, 401k recoups, and/or saving grows, then it would be a surprising additions, not necessity that I have to have.
AM I FOOLISH TO THINK THIS WAY? AM I PARANOID? Even though I was hopping for Irvine housing price to go down to 2001/2002 level, I laughed at people claming we may see 1998, 1997, or even 1996 level (when last boom crashed and bottomed out). Now I dont' laugh any more....
Sorry for rambling but I had to get out of my chest but I feel that this blog (with a few exceptions) is a place where I could get honest opinions and facts without any horse plays...
