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Just because you got unlucky by being responsible doesn't mean everyone does or will. I've known people in places where the property market collapsed and its u
by verbify 10y ago
Just because you got unlucky by being responsible doesn't mean everyone does or will.
I've known people in places where the property market collapsed and its ugly. And I know people think it can't happen in London, but 'it can't happen here' is about as myopic as it gets.
- d_t_w 10y agoI agree, all markets go up and down. Hindsight being 20/20 and all that. What I think I underestimated is the length the government or reserve bank will go to in order to protect borrowers at the expense of everyone else.
- pc86 10y agoThe property market collapsing (locally, not nationally) is only an issue when you want to sell. If you buy a house with an FHA mortgage (3.5% down), you will be underwater for many years no matter what. But it's a 30-year loan, why would you buy a house if you wanted to move in 3 years?
- duderific 10y agoPlenty of people did this in the US (and I assume other countries) during the Great Housing Debacle of the early 2000's, it's called "flipping." The problem is when the music stops, and nobody wants to buy houses, you are stuck with it, and either need to default on the mortgage or suck it up and live there.