Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: quehubo who wrote (232519)	12/24/2007 12:46:03 PM
From: LindyBill	Read Replies (1) \| Respond to of 794399

20 somethings where talking about how much money they made flipping condos. I can remember buying a book on "how to turn $$ into a zillion in RE" right after graduating from College and going to work for P&G in 1958. And buying my first house on a VA "no down, $95 moves you in" in 1960 while I was making $450 a month. And seeing people have to move out of that tract when the monthly payment went up from $99 to $101. So it's really nothing new. Only the decimal point has changed. I wonder how much of the condo flipping was influenced by the cable "flip this house" shows.

To: quehubo who wrote (232519)	12/24/2007 12:55:13 PM
From: Chas.	Respond to of 794399

I blame these pridicaments on the Lenders as much as on the irresponsible people taking out the loans.... In 1974 I bought an acre of land and had a 1900 sq ft house built on it ...all for $53000.00... My bank/Mortage Co would allow/lend me a mortgage with a monthly payment limit of 25% of my monthly income, not a penny more..... It was up to 50% or higher early 2000's and without solid verification of an income.... and many many folks took advantage of this scenario to buy a house..... Today they are paying the piper.....