Real estate market
I don’t believe that it’s all bad news that there is a repeat of the late 1980’s real estate market in the Denver area again. It tends to “weed out”
The buying-up of foreclosed properties by investors and speculators is healthy, not some great tragedy. Home ownership is the American Dream, not the American Right and those that buy homes for buying’s sake or who are ignorant of the costs and responsibilities of home ownership are reaping what they sowed.
And finally, for Beverly Meade the real estate broker quoted in the story (or anyone else for that matter) to deny that their are cultural differences and preferences involved in real estate purchases is just plain hypocritical, ignorant, and naive. Does Beverly live in a primarily “Mexican” neighborhood? If not, does that make her a “racist?” Please.
Signs of neighborhood decay are always evident for anyone to see who have their eyes open...and no matter what ethnic group primarily comprises that neighborhood, it simply makes good business (and personal) sense to take those factors and others into consideration when buying a home.
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Home ownership is the American Dream, not the American Right and those that buy homes for buying’s sake or who are ignorant of the costs and responsibilities of home ownership are reaping what they sowed.
Pretty harsh edict there, Mr. Schallert. Do you have any criticism at all for the lowlife lenders who purposely clouded the actual costs and responsibilities of owning a home?
To anyone who is considering buying your first home, do be careful...there are some legit lenders out there, but many who are not. For more info, visit: http://www.responsiblelending.org/issues/mortgage/sevensigns.html
Posted by mytwosense on July 17, 2007 03:30 PMTo be sure, there are a few crooked lenders who prey on the weak -- just as there are crooked lawyers, doctors, carsalesman, etc...
Still, as Dave points out, we need to hold homebuyers responsible for the contracts they sign. You simply must read the fine print when you are making the biggest purchase of your life -- and surely, every home sales contract includes a merger clause explicitly disclaiming any promises made by the lender not included in the contract.
On a more basic level, you have to be an idiot not to understand that an ADJUSTABLE RATE MORTGAGE will not adjust. To assist the 'victims' of foreclosure, as some local lawmakers have suggested, is to subsidize and condone stupidity.
Forclosure happens because of lack of earned income. We shall all remember that the banks are in control ;if you can't barrow it, you can't build it, you can't have it.
When does earned income come back into the picture for the american citizen?
When does our money start to be valued properly?
When does labor start to be valued properly?
When does free trade end? When do we get america back?
Posted by farmer on July 18, 2007 10:02 AMActually mtw, there are far more good lenders than bad ones. You still need to be careful though.
This state could do it's citizens a favor and require state licensing for lenders and brokers throught the banking dept.
Right now there are no laws preventing a brokers or lenders from other states to market here without even having a physical office in the state.
There is zero accountability to CO for these businesses and if the deal goes sour for the buyer, tough luck.
Posted by KW on July 18, 2007 11:26 AM