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Originally posted by phinubian
I think it is good to own a home, what is sad is that if you actually purchased a house in say the last 3-5 years with the intention of living in it and keeping a roof over your head, no matter what type of loan you got or if your finances were 100% in order, you have more than likely lost almost half the value you could get if you sold it, now people coming in with cash after this debacle that are looking for deals could actually be set up for getting some equity soon, I do not know what happens to those that purchased in the last 5 years they will more than likely break even in 5-10 years.
People flipping houses, owning 1 or 2 houses already and the no doc folks are what has brought this to bear on the economy for the most part this was all greed driven, by the banks and by many people buying homes they could either not afford or either got caught flipping at the wrong time holding 2 or 3 properties.
It is true you can make money off of homes but homes were not really created to flip, they were created to live in and raise families and in the long run build equity a lot of people are to blame for the situation right now and as I said most because of nothing but greed and wanting to cheat the system.