Hmmm, kind of funny that in boom markets where people’s houses are worth more than what they own the bank, no one complains about that.

“Hmmm, kind of funny that in boom markets where people’s houses are worth more than what they own the bank, no one complains about that”

Right. If we take big risks in the stock market and do well, that’s because we’re so astute. If we do badly, that’s because we had the misfortune to get caught in a “perfect storm” that no one could have foreseen.

So the states that saw the most rapid rise when things were good are now the states that lead the pack in “problem” properties. I’m sure it took some degree in advanced finance to figure that one out.

To use a quote that might be applicable “..if you can’t stand the heat then get out of the kitchen…”  Rephrasing leads to “..if you can’t afford to lose money in the market you shouldn’t buy into it….”

So what do you propose Harvey?  People to live on the streets?

Perhaps a little sensitivity on your part to the fact that it is impossible for most people to purchase a home in this country to house their families without a mortgage, would go a long way.

Personally, I get tired of the lecturing from people like you.

Signed - A homeowner in Georgia who is underwater on his modest house.

So what do you propose Harvey?  People to live on the streets?

Here’s what I propose:

1. Rent affordably for a couple of years. Scrimp and save every nickel for a downpayment.

2. Buy a modest first house with a downpayment and an affordable mortgage.  Buy the second cheapest house in the most expensive decent neighborhood you can afford.  Live there 5 years. Take good care of the property. Work hard.

3. Sell the house at a profit because you bought in a decent neighborhood and the more expensive houses in the area lifted the value of yours.

4. With the proceeds as a down payment, and a higher affordable mortgage (because you are making more money because you worked hard), buy a bigger house in a better neighborhood.  Buy the second most expensive house in the most expensive neighborhood you can afford.  Live there 5 years.  Take good care of the property.  Work hard.

5. Sell the house at a profit because you bought in a decent neighborhood and the more expensive homes in the area lifted the value of your house, which you took good care of.

6. With the proceeds as a down payment, and a higher affordable mortgage (because you are making more money because you worked hard), buy a bigger house in a really nice neighborhood.  Buy the second most expensive house in the most expensive neighborhood you can afford.

7.  Live there a long time.  Take good care of the property.  Work hard.  Enjoy your wise decisions, and thank God for His gracious provision.

There, that wasn’t so hard, was it?