Quote:
Originally Posted by AGDee
Yes, there were still people who overextended themselves. She had specifically mentioned Michigan being up there with California and Florida and I was pointing out the difference.
All that said, after getting a reasonably priced home with a realistic mortgage, if I had to move today, I'd have to walk away from my house because housing prices have dropped so drastically. I've even paid extra principal every year and I probably owe more than I could sell it for. Once you get too many people who are upside down like that, there are going to be more foreclosures. I'm not going anywhere for at least 5 years, but I sure hope in that 5 years I can sell it for more than I owe on it!
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I know that Michigan has other circumstances, which is why I didn't originally cite the state as "part of the problem" as I did with inland California and South Florida.
Were there a lot of new subdivisions in Michigan that sprouted up as a result of crazy lending? I always got the feeling that was a problem that was pretty exclusive to the Sun Belt.
One of my stupid co-workers asked me if he could get a "mansion on the water in Flor-eee-duh" for super cheap because of the foreclosures. I told him 1) people weren't foreclosing on real mansions, just the mini-crap ones and 2) he probably wouldn't be able to get an insurance policy in the state of Florida. You'd think people would have learned their lessons, but the cycle of greed continues.
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