What do you think compelled you to buy your home at peak price in the housing bubble?

Credit and mortgage advice Forums Buying Your Home What do you think compelled you to buy your home at peak price in the housing bubble?

This topic contains 12 replies, has 9 voices, and was last updated by  Anonymous 7 years, 4 months ago.



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  • #207414

    Anonymous

    And if you are still making your top dollar payments, and sometimes paying top dollar taxes on it, are you kicking yourself that only a few years in, your house is worth half if not less than what it was originally estimated?



  • #268360

    Anonymous

    I was about to buy a house back in the summer of 2007 for $549k. That house is now worth $300k. The only reason I backed out is because, even though I had good credit, everyone was trying to give me a ARM loan. I said no thanks. I must have been the only person smart enough not to take such a stupid loan. I saved myself $249k. The people who bought the house right after we backed out of the deal have already been foreclosed on.

    This was right when the mortgage mess was beginning. We were already pre-approved for a loan and had over 700 credit score, but all the lenders suddenly wanted a higher score and a lot of money down.

  • #271476

    Anonymous

    I built my house, and my lot was a gift. Lucky me!

  • #281879

    Anonymous

    You are kidding yourself if you think that people can confidently predict when housing prices are inflated. It is much easier to see things with the benefit of hindsight.

    I bought my current house for 88,000 in 1980, when houses were overpriced. I knew that but I also needed a place for my growing family to live, and thought that it would work out in the long run. A year later I would have had a hard time selling the house for 75,000. Today, after the current fall in prices, it is would sell for about 375,000.

  • #282401

    Anonymous

    My husband and I just bought a house earlier this year for $409k. It was a foreclosure. Three years ago, the same house sold for $680k. I knew we weren’t at the very bottom of this downturn yet, but I also know that we’re paying off a mortgage now, and prices will go back up. Plus, we are now saving up more for a down payment for an investment property, probably a duplex, before the market goes back up.

  • #282885

    Anonymous

    Fortunately I didn’t. I read everything and saw what a scam they were pulling. My heart goes out to those that were fooled by this.

  • #437404

    Anonymous

    http://www.foremost.com

    You can use their agent locator button to find an agent near you.

  • #437405

    Anonymous

    Here are a few, some may not be applicable in your area.

    American Modern
    Foremost
    American Reliable
    Markel American
    Assurant

    Also, if you have a mortgage w/ Green Tree, they can direct you.

  • #437406

    Anonymous

    Find an independent agent in your area using your zip code at this link:

    Or you can do it the old fashioned way by going to your local yellow pages.

    You want to seek an independent agent because they represent more than one insurance company and therefore will be in a better position to provide the coverage at a reasonable price.

  • #437407

    Anonymous

    Perhaps You may google it first ,however, if you like some direct resource ,here might be your choosing.

  • #437408

    Anonymous

    homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.

  • #289680

    Anonymous

    Well, I didn’t receive a sweetheart deal like Obama and Rezko did. And I was lucky enough to get a reasonable every day run of the mill ‘fixed’ loan.

    I think greed compelled others…

  • #290812

    Anonymous

    Very good question. I myself kept wondering how people were so gullible as to keep on buying when ALL the signs were pointing at this. It was never sustainable and I said that when it was at its boom when we were supposed to be “bridging the gap”. Right at that point people should have stopped.

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