So Long, WaMu
All I needed to know to avoid putting my money in that bank was who was standing in line. Trying to walk into a bank that allows one customer at a time to go through a bullet-proof plastic carousel while it screens you for weapons doesn't instill confidence in that institution. I mean, who puts a bank in an area that needs protection like that? How do you loan to a downwardly-mobile group of people without using lending standards and expect to profit?
I think I'm going to wait to see the fallout from this latest financial effort to create something from nothing before buying a house. If I have to stick all my money in a couple more 6 month CDs, oh well. Something tells me home buyer confidence isn't on a flood tide right now. I think I have time.
PRCalDude
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Reader Comments (5)
People can probably pick up a lot of stuff on the cheap as the credit crisis worsens. At an estate auction nearby an ~1100 sqft fixer upper on ~1/2 acre of land sold for $24K. A friend at the auction said all prices were dirt cheap. He bought a 1907 Singer treadle sewing machine in a wooden cabinet w/cast iron legs - $20 - in working order.
Yeah, but how far from the beach? :(
Way too far and then no good surf (east coast.)
Actually, right now is a great time to buy a house. The housing market is down and creating a great buyers market considering the interest rates are still low. Only caveat is that you pick a house you intend to keep for 10+ years.
No, there's good waves there. You just have to have a 6mm wetsuit and be willing to walk through snow to jump in the water.