What is going to happen to the housing market when we all get bad credit because of the credit crunch?

I have no mortgage and carry no debt. I work hard and am saving money like a fiend. We're not all getting bad credit. We're not all irresponsible with our money. Some of us have been careful and have always lived within our means. If the housing market collapses, I'll still own my home. And look at it this way, if it does collapse, houses will be much cheaper and even those who were irresponsible with their money may be able to afford one. These things have a way of working themselves out unless the government gets too involved (like Obama wants to do).

Except for buying a house, not getting credit is not necessarily a bad thing. Staying out of debt is good. Just look at what getting into too much debt has done to this country. Save your money, live within your means and when all else around you does bad, you'll do just fine. Good luck.

Banks brought this financial crisis upon them selves . Just like drugs just say no to banks . I've just joined a credit union they are having good times plus they are still lending . I have a credit a score of above 700 . Even I can't get the time of day from banks . Sooner or later banks will have to start lending money they have too that is main source of income besides the ridiculous fees they charge . Again that's why I joined a credit union . Don't worry about the banks it is the best thing that ever happened to them .Maybe people and the Government wake up and realize what corrupt and greedy crooks the banks are . Besides paying cash is good 1st reason no debt 2nd the banks and govt can't keep track how you spend you money 3rd it will save the retail stores a service charge of 2% from the credit cards being used . I'm going on vacation this December and all paid for with cash no more bills or ongoing debt YEAH !!!

Actually things are already getting better. It is harder to get credit but banks are still loaning out money to people who meet their standards (which is a lot higher now).

I just recently bought a house. And it was very hard to get a loan. But I got it! And most bill-paying people are not getting into trouble. Some people know how to manage their money and budget!

confident it truly is a incredible situation in spite of the undeniable fact that it additionally killed various segments in lending besides. Self employed human beings are going to be very not basic placed to get a loan as maximum write off as much as they are able to for tax purposes. additionally the individuals who've credit annoying circumstances are finished caught in intense pastime value notes as they can't refinance those now. it truly is the reason the foreclosures value has long previous quite much to a million/10 of one in line with cent and countless investors bailed on the loan industry. So realtors have residences on the industry and intensely few qualified debtors. it truly is the reason it truly is a foul situation. the subsequent reason is the media blows issues way out of share and that has harm all economic markets not in basic terms the loan and genuine property markets

Maybe I'm a dreamer, but what if everyone started paying cash for everything again.

Want a $200,000 house? Need $200,000 in the checking account.