Wednesday, February 18, 2009

R.I.P Personal Responsibility...the guvment is in charge now

I want to apologize to all the readers that read this blog and decided NOT to purchase a house. Had I know we could have bought houses that we couldn't afford, at rates that we 'knew' were going to adjust higher, AND that the guvment was going to come in and 'save' us, I would have said go ahead and buy. Seriously, why be responsible anymore?

Who knew that the nanny state was going to step in and force changes to signed legal documents. Who knew they would take 75 billion dollars from people that have their own mortgages and bills to pay and use that money to pay for people that don't feel like paying. Who knew that guvment would step in to artificially 'set' the value of homes by forcefully taking money from people who WORKED to earn it, to give it to people that made bad financial decisions.

SORRY, but the ONLY way to get the REAL value of these homes is to let the free market work. If the guvment artificially sets the value of home prices by spending 75 billion dollars, then you don't have the REAL value of the property!

We all know that guvment has the best of intentions, but we also know that millions of homeowners will work this system for all it is worth. Some people would have taken a second or third job to make things work, but not anymore!! Just go suck on the teet of the guvment and get your 'free' money.

I don't know what to say anymore. If you saved money and were waiting for prices to return to 'market' level, if you were responsible, if you paid your taxes and managed your investments to save for a down payment, then you made the 'wrong' choices for this 'changed' economy that you can(not) 'believe' in.

Somebody tell me what is to wrong with RENTING!?!??!?!? I have been renting for years! I am still alive! I have freedom, less stress, I don't have to pay for repairs, property taxes, or HOA's. I can pack up and go in 30 days notice. Yeah, it did 'suck' when everybody else was doing refi-cash outs and bragging about their 'wealth', but I stayed the course. The real estate boom was irrational, so now it is time to pay the price. For several years there, people were making 100k a year without doing anything. NOW, they are losing 100k a year without doing anything. Oh wait...they spent that 100k when things were good. Not my fault. So suffer the consequences for your actions.

What is sooooo wrong with people foreclosing, and going to rent? Then those 'responsible' people that saved their money can buy homes that they CAN afford. They won't default, and the economy will be more stable. People will stay in homes for that 'standard' 3-5 year minimum as that is what it usaully takes to break even with the transaction costs in a 'normal' real estate market.

For the past 15 years, people have gotten used to 'quick hits' whether it was the stock-bubble, or the RE bubble. Well guess what, the times have changed. You are going to have to produce something and add value to make money from now on. There isn't going to be some 'magical' industry where fast food workers and people with high school diplomas will be able to make big 6 figures. You won't be making millions overnight on a 'no revenue' or shucking option-ARM loans to mathematically challenged borrowers over the phone.

And don't kid yourself. These same people that 'didn't know what they were signing' are going to have NO trouble finding out how to work the sytem and get their free money from this guvment 'bailout'. Also, do you think the guvment is going to stop at 75 billion if there are some 'poor, hard working homeowners' that didn't get help? Come on, name one guvment social program that hasn't had a budget overrun!

This situation is a mess, but guvment intervention is only going to make things worse. Not to mention that it sets another dangerous precedent as well as being a slap in the face to every responsible person in this country. To all the parents trying to raise their kids properly, this should make you mad. But then again, parents who actually take the time to raise self sufficient children with personal responsibility are in the 'minority' now, so their 'voice' no longer carries as much weight. Too many in the 'dependent class' looking to guvment to solve all of their problems.

R.I.P. Personal Responsibility.... guvment didn't need your vote anymore.

Stay tuned...this sh*t show has just begun



Anonymous Anonymous said...

Great to see you posting again!

Did you catch the last 60 minutes with the guy from World Savings? I couldn't help but think of reading your stuff in 2005 saying the same stuff.

Keep up the good work

2/18/2009 1:38 PM  
Blogger SoCalMtgGuy said...

Thanks for the video heads up!

If you haven't seen 'House of Cards' on CNBC, I suggest you check out that 2 hour program. They are running repeats of it, and you can find it on their website.

Stay tuned...


2/18/2009 3:09 PM  
Blogger SD_suntaxed said...

Glad to see you're still around SoCalMtgGuy. Hope things are going well.

I've spent a good amount of today just wondering why I even try anymore.

Thanks to my financial prudence, I get to rent for even longer. Even better, I also get to subsidize someone else's reckless decisions and lifestyle so that they don't have to rent.

I jumped clear of the housing implosion 5 years ago after realizing that housing prices and lending practices had gone stark raving mad.

I'm still renting, and it seems that the government is determined to keep me that way. Now my wallet is being looted to spare people from the apparently "shameful" state of renting. Unreal.

As one of your readers from way back, you opened my eyes to HOW people were really qualifying for the wild money that was being thrown around. I have no regrets about not leveraging my finances and squeezing into a house. I also lost nothing in the stock market because I knew things were going to tank hard. My finances are in much better shape than most of my friends and family.

The gov't has declared war on first time buyers with this fix, it seems. Fine. I can make better use of my down payment funds than sinking it into zombie-priced housing on gov't life support.


2/18/2009 8:33 PM  
Anonymous Anonymous said...

Welcome to the United Socialists States of America. How sad.
Everyone who participated in this housing mess is being bailed out.
I watched the House of Cards.
Why aren't these crooks being brought too justice?
Give me Guns and Gold, you keep the "Change"
There is going to be a revolution in this country when the honest hard working people have had enough.
It's time to take our country back!!

2/19/2009 4:30 AM  
Anonymous Anonymous said...

I certainly don't agree with everything you say, but you know your housing sh!t.

We also sold our NorCal condo in 2006 when we saw this clearly coming and anticipated the day when we could invest our savings into a more realistically-priced home. The worst thing about this is that we prudently gave up the ownership lifestyle temporarily in order to be better positioned to take advantage of the drop in prices when it came. Now we are are literally being told "too bad, you still can't have what we are going to help the foolish people keep."

Although, truth-be-told, renting has been cheaper than a mortgage up here, and I think we came out way ahead, even with taxes.

2/20/2009 5:01 PM  
Anonymous Anonymous said...

I rent a lovely house that the owner tried to sell last year (DOM = 443) for $1.4 mil. It is 3000 sq ft, 4 bd/3 ba, pool, nicely landscaped yard, teeny ocean view on clear days, on the best street in the area with a great (free) public K-5 school within walking distance. I pay less than half in rent what it would cost me to buy traditionally financed. LESS THAN HALF! And the $280k in cash required as a down payment that is now generating at least some interest income is still generating at least some interest income, instead of disappearing into the maw of some bank about to fail. And, like SoCal said, I can move out with 30 days notice, get a free weekly gardener, a free monthly pool service, and pay no maintenance (except light bulbs).

Here's the big difference: when we sold our house in 2006 and rented, people said we were morons. Now that we've moved into a second rental, people tell us we're smart. Go figure.

3/09/2009 10:22 AM  
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They are running repeats of it, and you can find it on their website.
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2/19/2010 12:13 AM  
Blogger JO said...

I would like to say you pick pretty good on the borrower but what about the greedy lenders that knew they were setting up this house of cards and what could and did happen. Both sides where doing the wrong thing but the lenders were definitely doing predatory lending. If the lenders did not set up the 2yr fixed 28yr adjustable loans we might not have had this problem. Lets face it the lenders put programs out there that would make them a lot of money on the refies if the refies were possible. They also put programs out there that are hitting home with the quality buys as well. So the bottom line is greed is driving this monster and continues to drive it.

3/14/2010 7:06 PM  
Anonymous Land Investment said...

Personal responsibility is long gone...seems that at some point we will all be puppets of the gov't. It will probably take a decade or so to get this mess behind us.

7/03/2010 4:14 PM  
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