Quote:
Originally Posted by Bring_Back_Shantz
No offence dude, but how is that getting screwed?
It's people that were overextending themselves by getting 35 year mortgages that got the everyone in this mess in the first place.
Maybe having to get a house for 30k less over 30 years isn't such a bad thing.
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Well, I think the timing kind of screws him (and wife).
That puts their maximum budget about $290,000. Given that 'Starter homes' are around $310,000+ range, it really cuts down on the number of quality options.
In time (perhaps 12-24 months??) prices at the bottom end will deflate, and make more homes available in that price range. They're screwed because that hasn't happened yet, so they'll have to (I'm assuming) put off starting their family for a while longer.