Just built a house this year... the deal seemed good at the time, found a reasonably priced lot (at the time) and went for it!
Lender (Countrywide) pre-approved us for $1800 per month payment. I told the loan officer that no matter what she told me I could not afford that payment, period. "But according to our calculations, you can." Nope, sorry - no sale on the huge loan for a bigger house than we need.
Built a modest house, have payments we can afford, and looking at current listings in this area - our house hasn't lost anything yet. The ones in this area that have lost value are the ones that were at $500,000 plus - and they've only dropped by $50k or so.
It just irritates me to no end that those of us who made sound financial decisions are going to have to pay taxes to bail out idiots who couldn't do the simple math to realize they could not afford the payments on their house!
They tried to sucker us into an intrest only ARM loan - only $700 per month on $200k borrowed. Read the fine print, after four years or so the payment jumps to $2400 per month and we owe more than $200k at that point... I'm glad that we have brains and know how to use them.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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