TeePee4Prez
Flyers2004
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Posts: 10,479
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« on: March 23, 2009, 10:48:43 PM » |
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« edited: March 23, 2009, 10:51:06 PM by ICE HOCKEY »
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Didn't answer because it's too hard to tell. I'd say all levels- Government, Lenders, and Homeowners. Homeowners- lack of basic financial literacy which needs to desperately be taught in the schools. Lenders- Didn't verify income nor did proper financial analysis to see if the borrower could pay back the mortgage. I love these people who only made 50K per year getting a home for 500K and were like "oops, I didn't know". Whatever happened to the 30% of gross income per month rule? Unless it's a resort area, the basic formula should be 2.5X median household income should be the median home price. Why is it 10-15X in some places still? It makes no sense.
And because of assholes like these, I'm priced out of the market and out of a job because the CPA firm I was at had a lot of construction/builder clients.
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