Reply #114: I didn't buy a house, but the pressure to do so was immense [View All]

[Lydia Leftcoast]

Everyone--the media, mass mailings, my bank, Internet experts, even my friends and relatives--were telling me how stupid I was not to buy a condo. Fortunately, I did the math, including the fact that I'd be responsible for taxes, homeowner's insurance, and all repairs, as well as association fees, above my mortgage payment. When I saw those numbers, I thought, "No way."

I feel vindicated, but as a self-employed person, I'm in the habit of considering each expense carefully. Not everyone is.

The lenders knew exactly what they were doing. I'm not so sure that the borrowers did in every case.