Reply #54: Some thoughts... [View All]

[cobalt1999]

There are options to wholesale gambling of their financial future and ending up much worse than they are now.

1) Don't buy yet. In the 70's many people actually waited and saved many years to get ready to purchase a house. Yes, it sucks not to have your own house, but it's better than foreclosure/bankruptcy and the stress of trying to make payments you can't afford.

2) Maybe you don't buy in that great school district full of new developments. Buy a house that older 70's neighborhood anyway. It's better than losing everything.

3) Buy an empty lot in an area you like. Then build a smaller cheaper house. (I've done this and if you hire/manage the contractors yourself, you can get a lot more for the money). BTW, I wholeheartedly agree about the size of new homes, it's ridiculous.

My point is overbuying is not the only option, in fact it really isn't an option.