TBlasi5847 12:51:20 PM Apr 22 2008

Every American that wants to own a house, assuming he/she has the 20% down payment should be able to afford one BUT the problem is the mortgage payment. For example if you purchase a home priced at $200,000 and put down a 20% down payment your mortgage payment with property taxes and insurance and interest will cost you about $1,800.00 a month! This does not include utilities.

TBlasi5847 12:44:57 PM Apr 22 2008

I reside in a prosperous area in the Northeast, a community of fine trimed lawns and in ground pools YET we have not been spared. The home on each side of me has been for sale for 2 years and the one behind me is now also for sale. As I ride through the community I see one "for sale" sign after another. The strip malls are also feeling the impact; empty stores and few customers. Rental signs on commercial property is also high. Things are not good

Fopdaddy1 12:04:11 PM Apr 22 2008

we need the fed to raise rates today. up to atleast 4%

Cchambersrp 11:57:18 AM Apr 22 2008

Prices must fall a lot more than the median price of $200,700. This is totally unrealistic in todays wage market. The banking industry has bit themselves in the ass on this one. Too many people who had a good job and then lost it and need to start over at a lower pay grade will not be able to buy these high priced homes. This median price range needs to drop another 50% in order for the average joe to purchase a home in this country.

MaschmeyersNsy 11:49:45 AM Apr 22 2008

Idle rumors-

I too believed what you just posted. I finally sold my house after 10 months on the market last May. Actually did pretty well on the selling price.

We just bought another in Dec. I was terrified of the mortgage process after hearing all the talk about it.

We were approved for our mortgage in under 2 hours. I was just stunned at how little they required. We just got married about 2 years ago and obviously both had great credit. ( 801 avg) but they didn't even require a copy of our w-2!
Just a copy of our bank statement telling them where the down payment was coming from. That's it. Shocked the hell out of me!

TDWebb80 11:49:13 AM Apr 22 2008

It's too late in this cycle to assess blame or fall back or moral principles. The housing/mortgage/credit crises is dragging down the entire domestic economy and has the potential to plunge this country into long and disasterous recession. Wealth is being eliminated, families are being displaced, financial institutions are requiring huge cash infusions to stay liquid, etc. We live in a free market economy that runs on credit and without reasonably accessable and affordable credit, our whole economy is doomed to crash and burn.

Cchambersrp 11:48:17 AM Apr 22 2008

Tthis median price of $200,700 is going to have to drop a helll of a lot further for the average joe in this country to be able to purchase a home. This own your own home is a thing of the past in this country. When the average person losses his or her job that they worked at and built their pay up over a number of years and than that company fails and the person losses their job and has to start over again at a far lesser pay rate then he had, is a never ending battle and no one wins. This just sets off a chain reaction ---- the housing market loses, the car business loses and the overall economy suffers. There are becomming fewer and fewer people in this country that can afford these things.

Idle Rumors 11:38:06 AM Apr 22 2008

Prices keep falling because no one can get financing. The pendulum has swung from the extreme left where every and their cat could get a mortgage to now where 800 credit scores won't get you a mortgage. The problem is the banks and all their loses. They are just unwilling to give loans to anyone so the demand is now very low. Houses are up for sale everywhere. There is a huge glut of houses on the market right now and no one to buy them. Until credit eases and demand can go up, prices will continue to fall. Buyers are waiting for short-sales now. Where home owners who are on the brink of foreclosure sell their homes for pennies on the dollar, just to get out. This is a major factor in the decline in home sales right now. If your a buyer with cash or a huge down payment, the world is yours!

Fopdaddy1 11:19:12 AM Apr 22 2008

However, many private analysts said they do not expect a rebound for a number of months, given the problems weighing on housing from a severe glut of unsold homes to tighter credit standards for prospective buyers and a rising tide of mortgage foreclosures.

now theres some "inteligent" analysts. how much do these guys get paid? more waste in this country than substance, a big problem....