I have a friend... lived in Penn Hills, fell into the refinance adjustable mortgage trap. Things were going great for them.. VERY good job, interest rates low, so they refinanced.....Big mistake, they bought into the whole variable rate thing for 3 years.....listening to the bank about how the interest rates has never been raised higher then .......blah blah blah.......in the past. PLUS, you can just re finance again in 3 year if you don't like the rate.........but blah blah blah it "won't happen". Well, it happened.....their mortgage went to sky high! Then they had income loss form their job........the boom was over. They lost the house a few months ago...........So I'm on one of my favorite site, realtor.com.......and guess what I find?!?! Their house up for sale, for 50% less then what they had originally bought it for......I'm like HUH??? I'm in shock........then I thought OMG what does that do to the tax base in Penn Hills??? When houses are being sold for 50% less then they were worth 10-15 years ago??? Then I was wondering..........who watches real estate agents? How much influence does the real estate agents have on the housing market?

Here's my other story, my sister lives in VA........Beautiful home, all the homes on her street just beautiful. Well, a few people lost their homes.........they are sitting empty. So her neighbor across the street, .....kids are grown now.....so he got worried with the housing market that he won't be able to sell his home, plus the empty homes will drive the prices down..........Soooooooo! He got a Home Equity Loan.......took the loan money moved to Harrisburg, PA (cost of living cheaper) bought a house with the Loan money............and Left the house across the street from my sister. Now, 2 of her other neighbors are thinking about doing the same thing, it seems people on her street feel the Man that moved and left the house made the right move and got out early.........Just wondering any one's opinion on this one???

P.S. My brother in law doesn't think the neighbor made the right move, because he's cutting the grass at the house across the street. Even though HE pays someone to cut his............LOL. My sister is not looking forward to summer, because her hubby will be a beast the weekends he cuts the grass across the street..........but he refuses to pay someone to cut it (I agree) but he's not going to leave it uncut in his neighborhood. ROFLMAO!!!! Would YOU cut it?

to bad about your firiend- can't never trust the bankers and loaners
it's a shame there are many folks in that situation
and i'd probably help out with the grass in my neighborhood
thats what's being a good neighbor is all about
like when we were going up-old days
everybody helped out and took care of eachother
like where we live-hope's street lol