In a way I have to agree with you about the borrowers, MarchHare. The real estate situation here in SoFl is much like the one in Cal....overrun by Mcmansions that were purchased by people who could barely afford them. But oh those Mcmansions are sooo"impressive". People thought I was nuts for buying my little house back in those days of easy credit. But I paid cash for mine...so who's sorry now? I hate seeing it happen to anyone though. Yes we must take responsibility for our actions but I still remember all those ads from the mortgage companies-they were on constantly. And in say 2005 if you saw some real estate you liked around here you pretty much had to put an offer in immediately because it would very likely be gone the next day,or the price would be pushed up higher by those fighting over it. And the mortgage companies knew how to play into this by offering approvals much more quickly than the banks,which led people to make oversights in their panic to get a house before the price went up even further. It was absolutely nuts. So yeah I am vry aggravated that my house is worth less than what I paid for it,but thank God I paid for it!!
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