Several years ago during the high times of this decade, my wife and I made a choice. We were torn between moving from our 'cracker-box' rambler we'd owned for 10 years to a more up-scale neighborhood or refinancing it from a 30 yr to a 15 yr mortgage. It was tough. Our current school district is the worst in our county. Therefore we make a conscious choice of sending our children to a parochial school where they get a top-notch education. Some of our friends call us 'education elitists'. We wear that moniker proudly!! So, if we moved just two mile into the newer developments, we'd be able to consider public education.
Well, we chose to re-finance and were able to pay the same monthly mortgage payment as before and stay in our 'cracker-box'. We made the informed and correct choice.
Meanwhile, all around us, folks who decided to upgrade are struggling. I have NO sympathy for them. We knew what we were doing and so did these people.
Here's an Op-ed piece from Glenn Beck where I agree 100%. Whether it's people who doubled their mortgages to get a piece of the high life or states who think changing the rules only apply to 'other' states, our collective mindset for personal responsibility has evaporated as surely as the value of housing market.
We are doomed.
