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A Troubled 'Ownership Society' - As lenders cease making sma

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Wed Oct 24, 2007 2:57 am GMT    Post subject: A Troubled 'Ownership Society' - As lenders cease making sma Reply with quote

Use this forum thread to discuss the following link.

Description: A Troubled 'Ownership Society' - As lenders cease making small, second loans, the homeownership rate is starting to decline, and the outlook for the housing market could worsen
URL: http://www.businessweek.com/bwdaily/dnflash/content/oct2007/db20071019_946332.ht ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1222

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AgentGrn



Joined: 28 Sep 2006
Posts: 82

PostPosted: Wed Oct 24, 2007 7:21 pm GMT    Post subject: Reply with quote

Imagine that ... encourage everyone to be dependent on credit, never saving a nickel ... and then see things turn around.

A good down payment has always been a bitch to save up for. From what I've gathered from my parents and their elders before them, having that money to put down on the first house was nothing short of a well-earned victory. No wonder they savored their new residences.

Make no mistake, I appreciate the opportunity that leverage can offer if risk is properly managed ... but like the rest of the credit system, it seems like people were encourage to take every last drop they could get. I'm glad things are returning closer to the point where you need to earn it and pay your dues.
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