Dream House or Nightmare?

When it comes to real estate you have to use common sense. Unfortunately common sense is not a characteristic most Americans have. When building or buying a house don't build/buy the most expensive house in the neighborhood. When getting a home loan, don't get unfixed arm loans. Get a 15-year to 30-year loan that you can afford. There is no way to judge where the market will go and what interest rates will be in coming years. Be smart and be conservative. Don't adjust your lifestyle to the height of the market. That is the problem most people have made over the past five to seven years. They bought homes they can't afford with adjustable arm loans that are about to come due at higher interest rates. But to be honest, interest rates are pretty good right now. Bottom line is if you are in a bad situation with a house you paid too much for and a bad loan situation it's nobody's fault but your own. Don't ask me to bail you out. Just make better decisions and don't go thinking you are Donald Trump next time.

Well,well,well, another bubble head popping off. You and greedy others like you got exactly what you deserve. If it wern't for your inability to just say no to extravacant spendetures the average Joe would be able to keep up with the ecomony. The housing fiasco is your fault, so sleep in that pricey bed you made!

I do not feel bad at all for these greedy bastards who believe they are entitled and are owed something for nothing. Get real. This boom we have experienced is not the norm and even checking the value of your home would never have been done a few years ago. I cannot imagine even thinking to do such a thing. Settle down and grow up and live your life and be grateful for even being able to build that kind of a luxury home. Sounds a little like they are bragging, too - "poor us we invested an inheritance and bought a roof that wil last forever!!!!!!" wah wah wah - This story was not informative but rather it inflamed me.

Please! Does anyone believe in buy and hold? I don???t think the press does. To be truly successful in any investment you must look at it as a long-term play. If it pays off in short order great but it should never be your guiding principal that it does. Wow they love to take less than distressing stories and turn them into Armageddon. I agree with Actor1.

Dream home? They should have been more humbled since the beginning and bought something less-expensive. Greed of materialistic things. Theres people in the world who don't have homes and you build yourself this big home instead of donating the money to the construction of homeless. Why are americans so materialistic. Lets be more humble, geez. Don't store your treasures on earth.

I agree with summermac. Just enjoy the home, the neighborhood, and all it's pricey litle I've got money to burn shopping centers. Furthermore, I think you and others like you got what you deserved. If it wern't for people like you who just can't say no to extravagancies, thus pushing the cost of living out of reach for the average Joe, the housing fiasco would have never had a chance to fester. Modest living never hurt anyone, but it does help regular folks obtain the kind of wealth you thought you'd have in your home because we know that to do with money-sit on it!

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First and formost the house is a home. If it's a nice home and they are happy in it why worry so much? As an investment, they should be looking long term (10 years or more). At which time they can then think about return.

I spent 20 years living in a home that eventually sold for $720,000. It had huge rooms, four full bathrooms and a basement the size of a football field. Two years ago I traded down to a small split level and I've never been happier. Sure I miss things like huge walk-in closets, my friends mouths falling open when they saw my home but guess what - I've never been happier. No more huge bills, no more rooms that are only used once or twice a year for holidays. Now I actually have fun on the weekends instead of being a slave to my home. Going smaller was the best decision I ever made - thank goodness my timing was right - I feel sorry for these folks, a "dream home" is not what it's cracked up to be.

Poor guy.... not! my husband and I are in the same position, but we are not looking back or regretting our decision. We are spending our time enjoying the incredible house we have, and sharing it with our friends and family as often as we can. Yes, the market has changed, but it will be back again. As long as he is making the payments, he needs to sit back and appreciate how truly lucky he is to be living in his dream home. There are many that would gladly trade places with him.

typical young couple shooting for the moon. Houses appreciate 5% average only. I lived in my house for 10 years before appreciated. You live in the house for the home and area not the investment. No one twisted their arms to build 3500 sq ft. I grew up in a1300 house. Im living in a1550 and plenty of room. People make choices and must live by them. I have an adjustable rate and i can handle. Why small home that i could afford.

Man needs to read some history (try the depression) to get some perspective. His life sounds pretty darn good and maybe he's not sharp enough to know it. Lot of us are in the same boat...albeit with lower $ figures. So what? This is not news.

Everyone should have went to see Dick and Jane. It was a forwarning to what is going on right now. Its sad but the truth is that greed is a terrible thing. Builders used mexicans to build houses and paid them $3.00 an hour. Then turned around and jacked up the prices of houses even though they stood to make great profits even if they didn't. Now some lenders are looking for illegals and mexicans to buy foreclosures because they know that they are more consistant in paying their bills than many americans. Are true Indians (Mexicans) about to get what we called a discovery. You can discover America when people are already here. God hates ugly and to see Mexicans and illegals building luxury homes but builders and construction companies housing them in trailer parks charging them $80.00 a week for rent and paying them $3.00 an hour is sad. I say slice it in half. I live in a gated waterfront community. Last year the house up the street was 2.5 million dollars, 8000 square feet, now the same house is priced at $1.4 million and the builder is saying that you will walk in with almost 800,000 worth of equity. Based on what assessment, I guess the builders. Most of the people in my neighborhood said they purchased their homes with the intention of flipping. Them someone brought a house for 623,000 flipped for 683,000 one month later, no seller it foreclosed and is for sale for $495,000. Oh well

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Poor guy and his wealthy wife, what will they do now. Get a grip and do a story worth while reading.

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