People don't have financial common sense anymore, or financial education for that matter. Those that do, take advantage of those that don't. Everyone's to blame IMO, except of course those that keep their nose clean and run an honest business. I personally talked down 4 buyers this week (and it's slow on the mortgage side so I could have used a little pocket change money to run on). Would I have loved to sell them something, yes. Does my family need income, yes. But I'll wait until I rebuild their credit with them and help them save a bit more. They'll get a better rate/lower payment, probably get a better price on what they want to buy, and in the long run, will send me more referrals.
Common sense also says that you buy at the bottom...that in RE especially, you make your money when you buy, not when you sell. And like stocks, there's always a bottom to buy somewhere in RE. Sadly, the sheeples will miss it again. They'll wait until "Ma Media" and other gurus tell them RE is roaring and they will move in and get hammered.
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
www.younglife.org
