a big part of this mortgage mess
was, companies,
giving people 125% mortgages
on the value of the house !!!
here in canada,
very few people,
can buy a house,
with nothing down
1st time, home buyers, can buy with 5% down
and, high income ratios~and, good credit
but most, need to have - 25% down
what ever happened,
to the old attitude,
keep life simple, and,
if you can NOT afford something, wait til you can ???
most things, people put on time,
and, they break down, before the time it took to pay for it,
and/or the warranty expires
(we noticed, that almost exactly 23 days,
from the expiry of a computer warranty, it broke down)
anyone else, experience that ???
and, on the topic of 'real' value
in some places in the world,
there is only so much land,
and, thus, you can only have so many houses,
here in toronto, i think, the average price of a home,
is well over 400,000.00
