Got equity?
Letter to the Editor
By Inman News, Tuesday, March 10, 2009.Re: 'When did you buy your house?'
Dear Editor:
There is not one question to ask, but two -- neither are probably appropriate dinner conversation. The questions we should be asking are, "When did you finance your house?" and "What was your loan-to-value ratio?"
Purchasing a home correctly was the first part of the equation, not refinancing and taking monies out was the second. We could simplify things and just say, "I love this restaurant, and by the way, got any equity?
Tom Ruff
Data analyst
The Information Market
Phoenix, Ariz.
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Submitted by Joseph Bridges on March 11, 2009 - 7:42am.
We could even ask "When you refinanced what did you do with the money?" When people refinanced many put them into other investments that are still profitable today while others chose to put them into a car, tv, or even a motorcycle.
Real estate is a solid investment but many took it to the extreme and just made themselves happy for today.
Purchasing the home correctly is the first part of the equation and one that home buyers need to take seriously.
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Submitted by Sean OToole on March 11, 2009 - 11:37am.
Joseph - I think the problem is that no one purchased "correctly" in California from 2004-2007 as prices were so artificially inflated it was nearly impossible to do so. Yet I didn't see NAR, Realtors, or Mortgage Brokers telling people not to buy, or not to refinance. Isn't it ridiculous to say buyers should have known better, when Alan Greenspan was saying there wasn't a bubble, and NAR's chief economist was publishing books titled "Why the Real Estate Boom will not Bust".
Best Regards,
Sean
Sean O'Toole
Founder / CEO
ForeclosureRadar.com
ForeclosureTruth.com
Submitted by Rick Hardman on March 12, 2009 - 7:46am.
That one had to hurt Joseph :)
I would agree with Sean. While hindsight is 20/20 for buyers now, it is not real to think that they should have known better. Certainly some people got in over their heads in terms of how much they could afford (shoot - lots of people did), butreal estate agent was taking the high road and denying someone a home purchase if they could find ANYWAY to qualify.
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