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**immelawealecy** · 12-24-2005, 05:17 PM

OK, OK, so I'm bringing it up agasin, but because I Am 76, I have seen these things coming for a long time.

I have never understood how people could beleive, and still do beleive that the housing market ( or for that matter any other hard comodity) could keep rising in value inderfinitely. The people who bought houses for no down, and 99 years to pay were simply "whistling Dixie" These people with high cost houses, and even $40,000 cars, sooner or later would lose everything. and the banks??? suppose they do forgcose. Who is going to be able to buy them back, when everyone is in the same boat??? And the people who will pay $89,000 for a damaged $80,000 house in a place like the ravaged New Orleans, Deserve the downfall, which is certain to come.

The house is in Slidell, not New Orleans and since it's on the 'high' side of town, it's not likely to flood. But I agree, after they pay $89,000, then repair the house, more than likely the value will have fallen when things are stablized here so the buyer will definitely end up in the bucket.

12-24-2005, 05:17 PM	#7
immelawealecy Join Date Oct 2005 Posts 433 Senior Member	OK, OK, so I'm bringing it up agasin, but because I Am 76, I have seen these things coming for a long time. I have never understood how people could beleive, and still do beleive that the housing market ( or for that matter any other hard comodity) could keep rising in value inderfinitely. The people who bought houses for no down, and 99 years to pay were simply "whistling Dixie" These people with high cost houses, and even $40,000 cars, sooner or later would lose everything. and the banks??? suppose they do forgcose. Who is going to be able to buy them back, when everyone is in the same boat??? And the people who will pay $89,000 for a damaged $80,000 house in a place like the ravaged New Orleans, Deserve the downfall, which is certain to come. The house is in Slidell, not New Orleans and since it's on the 'high' side of town, it's not likely to flood. But I agree, after they pay $89,000, then repair the house, more than likely the value will have fallen when things are stablized here so the buyer will definitely end up in the bucket.
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