patrick.net

klarek says

SubOink says

Wow! So now we established that you will never buy a home.
If you don’t buy a home with 40Mill in Cash in the bank because you are worried that the house value may drop 10% next year then I cannot help you, brother.

Speechless!!

The fact that you could make a gamble like that with money that’s not even yours which you’ll be paying back (doubly), without regard for how in the hole you’ll be, is absolutely remarkable. You scoff at prudence and you’re the poster child of American consumerist foolishness.

What are you talking about..."with money that's not even yours"?? - READ the context. We were talking about winning the lottery!! The money would be yours. But your homeboy wouldn't even buy a house if he won the lottery (so he said) and had 40million in the bank.

If somebody tells me that he wouldn't buy a house even though he had 40million in the bank, then its clear - he is against homeownership! Period!!

How many people would not buy a house after they win the lottery?? And how many people would reason not buying because next year the house could be a little less worth??

When you own a house and live in it then its always something worth. It's worth what you would have to pay in rent if you didn't own the house. Who cares about papervalue in that case.

I don't know how that makes me a posterchild of american consumerist foolishness...then again...Sarah Palin may agree with you.

thomas.wong1986 says

klarek says

you’re the poster child of American consumerist foolishness.

SO is in LA, should tell you something. Somethings never change. LA has always been awash with RE and mortgage industry. They are nose deep in RE and cant handle the price declines.. True today as its been true for decades past.

What a dumb statement.

Let me remind you that I just bought my house...the price decline has not crushed me, neither is it bothering me as I pay the same amount in mortgage than I used to pay rent for a house way bigger and an even nicer neighborhood with the best school system (no private school required). We both work, but bank my wife's income. We could pay the mortgage from her income too.

But hey, I am the poster child of american consumerist foolishness, so don't listen to me...also I am SOOO LA.

You guys are lame and the definition of what is a "Hater".

I commented earlier but will again. Friend of mine started out in nursing same time I started in IT. She now makes double what I make, money is literally falling out of her pockets, plenty of people can afford to get into homes now, and will because they can. The particular person I mention, between her and her hub., they can afford to make payments on three homes, renting the other two. I had to sell my home, everything else was going up, for the most part, while my income was going down. It really came down to either owning the home outright in 10-15 years, or having a nice retirement nest egg in 10-15 years.