Quote:
Originally Posted by Porsche-O-Phile
This is my biggest complaint about the current economic mess - we're not learning a damn thing from it.
This SHOULD BE a huge learning experience for us all, but we're still making the same damn mistakes we were making before the pop. Spending/living way beyond our means, borrowing way too much, not enforcing accountability, allowing social engineering policy to trump fiscal conservatism, etc.
We've learned nothing. Isn't the clinical definition of stupidity doing the same thing over and over and expecting different results?
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Totally agree with this. I put my house on the market, hoping to take advange of the down market and upgrade to a larger house. I go through the pre-qual process and qualify for about $150k more than I should really be able to afford.
It pisses me off that these lending institutions are still making poor loan approvals and still offering people more than they can afford.
Not only that, but they're taking forever on processing short sales and foreclosed properties. They're trying to squeeze every last dime out of the defunct (or soon to be) loans. Sounds logical, until you factor in that the several grand a month they're eating on the original loan, taxes, etc. They drag out the sale 6+ months in hopes of saving $5k - $10k on the sale price.
The "bait and switch marketing" they're employing is also frustrating. Houses are constantly being listed for prices the banks have no intention of selling the house for. I know of one house that was listed for $300k. Friend offered $270k for it. Bank countered at $325k. WTF
I'd also like to know where all of my tax bail-out dollars went and how that's helping the banks help me. Maybe it's just me, but I'm not seeing it.