I don’t know how many people watch those home shows on HGTV like My First Home or House Hunters and the like but I can say I watch them alot. I don’t know what my (or others) obsession is with it but there’s something weirdly entertaining about watching other people shop for their dream home and yelling at the television as though they can hear you.
In this crappy economy, we’ve heard alot about “predatory lenders” which is essentially when banks give people who can’t afford a mortgage these crazy terms like balloon mortgages or reverse interest mortgages or paying one mortgage at one percentage rate while paying a 2nd mortgage at another interest rate and these people, being desperate, fall for it. Then they wonder why they’re being foreclosed on?? I’m sorry but I don’t really feel sorry for these people. Are the lenders fully responsible for this foreclosure crisis? No, because it’s the person who wants the home so desperately that has the final say. These people should be going over their monthly finances and have some elbow room to save for emergencies, vacations or whatever and not be married to the house with no way to have a life outside of it. (Unless they pay with plastic and pretend they aren’t going to have a crapload of debt until the bill collectors start calling.)
I just watched “My First Home” where this couple had looked at a house after like 40 homes and they had an inspection and there was a laundry list of things wrong with it including the outside wall was going to collapse at some point and would cost $30-40K to repair. They walked away from it and I thought “finally, people with some sense!” Well the seller comes back a few weeks later and lowers the payment by $15K by repairing some of the minor things and they’re like “okay, problem solved!” Not only that, they got one of those 80/20 loans, were $130/mo over their max and now the lady has to get a 2nd job to afford the mortgage. REALLY?? I do not feel sorry for these people who are so blinded by a pretty house (to them, this place was a purple nightmare) that all common sense walks out the window. I say we call it as we see it and admit that 80% of the housing market collapse can be blamed on people like this with unrealistic expectations and are desperate to accept any terms the lender gives rather than buckle down and save up for when they can truly afford it.
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