On Aug 28, 3:57 pm, "RAM³" wrote:
Gunner wrote :

People have asked why I choose to remain in a small, semi-dying town
rather than moving to the metro areas I work in.

I tell them that Im expecting the housing market to implode, Im living
in a house thats paid for and the property taxes are $450 a year and
will be safe and snug when the housing tracts are defaulted on,
property taxes are rising at magnitude rates and so forth.

People DO tend to forget the early '80s when the same situation held:
Bank/S&L failures through wide-scale depreciation of "creatively-financed"
housing that the buyers simply walked away from.

Some Subdivisions/"Housing Developments" have strict covenants that, in
some cases, seem to be intended to preserve the images in the original
developers' brochures rather than for any other purpose: specified roofing
materials, specified yard appearance, etc.

In the Quarter-Century since, a whole new generation of home-buyers has
entered the marketplace and, now, are learning the same old lessons about
such things as "adjustable-rate" (aka "Balloon-Payment") mortgages, petty-
minded HOA officials, and deed-enforced restrictions.

FWIW, I, too, am happy that my house is paid for and in a small rural
town...


People DO tend to forget the early '80s when the same situation held:
Bank/S&L failures through wide-scale depreciation of "creatively-financed"
housing that the buyers simply walked away from.


Since the bankruptcy laws were changed, it will be much, much harder
to just walk away from a house mortgage than it was in the 80s.

TMT