Saturday, August 15, 2009

Seven Percent

The foreclosure rate for home in America is now about 7%. Thats around 1 of 15 houses.

I would feel some pity for these folks, but I just can't bring myself around to any true empathy. They took out a major obligation of debt, and then lost the means to pay it back. Big deal, you give the shit back, take your lumps, and don't act too surprised when folks aren't all that thrilled about loaning you money.

The real problem here is one of perception. It would appear that folks think that when they sign a mortgage, the house is theirs. No folks, the house is the banks, you just get to live there, maintain it, pay the taxes, and mow the lawn until you pay the bank back its money.

You lose your job, you lose your ability to pay back the bank. But for Christ's sake, just suck it up and go find living arrangements that you can afford. There is no moral downside to living in an apartment, it is just less "nice". Who the hell told you that squatting in a subdivision, surrounded by other drones was your constytooshunal right?

You see, it is just living arrangements. It is of about the same moral importance as the underwear brand that you choose. Just because you get sold a bill of goods by some slick haired, big-toothed real estate slut doesn't mean that the house is directly related to your self worth or societal worth. Walk away if you have to and fuck the banks.

Because they will most certainly try to fuck you.


Mayberry said...

I wholeheartedly agree with this one... People attach way too much emotional value to a house. I can understand if it's the family farm that grandpa built by hand or something, but not for cookie cutter suburban McMansions, row houses and such.

Like ya said, ya lose the thing, big deal. There's plenty more.

"Who the hell told you that squatting in a subdivision, surrounded by other drones was your constytooshunal right?"

I hear there were a lot of "community organizers" running around saying that.... ; )

HermitJim said...

That's how so much of the problems got started today. Folks go out and buy a car, or a house, get a super long non-ending loan, and then think they are really doing something good!

Better to buy a piece of land, take your time and build on it as you can afford to.

Just my 2 cents...good post!

Did it MY way said...

Mayberry and Hermit Jim are right on.

Being debt free, and mortage free are two of the greatest things to be. I know I did it, and I'm happy happy happy!

See Ya