House prices have collapsed-- that is a GREAT thing.....

[SuzieQ]

Well, I have seen a lot of horror stories on here about the collapse of the housing bubble and mortgage fiasco.... thought I would share a happy story.....Grew up outside of Boston and was hoping to move closer to the parents so that they could see their grandkids grow up. Mean house prices in town grew to be just under $1 million. I qualified for a mortgage when they were giving money out for free, but I didn't feel comfortable with the payment terms. The fact that they qualified me for such a loan made me uneasy as well.Unfortunately, I had to move far from town, and the kids could only see the grandparents on the weekends.Recently, several homes went into foreclosure near my folks by people who got in over their heads. My parents new neighbor only put 10% down, and the downturn put him underwater. He was living close to the edge, and lost his job and had no savings. He eventually went into foreclosure proceedings, and I found out about it and all the details from my folks. I went to his bank, and made them an offer for 60% of what he bought it for. I planned to negotiate, but they immediately accepted. I move in June.My kids will be able to see their grandparents every day.Just remember, as you loose your homes, their is a silver lining in each of your stories. Your lost dream house will be someone else's dream. I know it is hard, but I hope that provides some solace.