C8 wrote:bankers are the real world equivalent of the devil in Faust in that they tempt young people and then get them to sign their soul away on the dotted line for endless debt and slavery. But of course, "the people" are often filled with their own foolishness and ignore the advice to not sign.
Bankers don't "tempt" people and bankers aren't the devil......bankers are actually useful and important because they are the ones who loan money and make it possible for people who aren't rich to buy houses on credit.
Relax......bankers aren't the devil. IN fact its bankers who actually help those people who aren't rich buy houses by loaning them money. The problem is the overall economy and in particular the housing market itself......its susceptible to bubbles and collapses. That means that buyers have to be careful when they make a house purchase. If at all possibly buyers should be very careful when it comes to the timing of a large purchase like a house.
For instance.....Its foolish to buy into the peak of a housing bubble. AND IMHO the USA and much of the world is in a housing bubble now.
But bubbles don't last forever. There is a very good chance the USA and much of the world is going to go into a major recession over the next year.
My advice is to be patient and trust that the housing bubble will eventually pop and housing prices will come back down.....and when housing prices collapse that will be the time to buy a house.
I just sold a property here in Alaska because I think the housing bubble is near its peak and will eventually pop, taking housing prices back down.
When the housing bubble pops and prices fall next year I'll see what's available then. I've got my eye on a nice beach community with some truly lovely ocean-view cabins. But right now the price is too darn high......so I'm waiting.
Cheers!