22
Jul
08

Gas costs were the problem? (updated)

I just read this article on MSNBC talking about the problems commuters are facing as they deal with rising gas prices and the information given about this couple just ticked me off.

For Brian and Ronda Mitchell, the combination of high gas prices and a housing market downturn has forced them to make the difficult choice to allow the home they have owned for seven years to go into foreclosure.

Sounds bad, doesn’t it? But read further:

The Mitchells had bought the house in 2001, for $129,900, with the intention of fixing it up and selling it for a profit. But in 2005, when they put the house on the market, interest was tepid at best.

The couple decided to put more money into improving the house, in the hopes that it would stand out among comparable homes in the area. In the end, they plowed some $15,000 and countless hours of sweat equity into the improvements, using credit cards and a loan against a 401(k) account to fund some upgrades.

Um yeah, that really looks like it was the PRICE OF GAS that caused the problem and not all the borrowing you did to buy a house, fix it up, and then add onto it some more. Let’s blame gas!

I mean, it might have been the final straw but when you live on the edge don’t blame the breeze that blows you over

Update: Forgot the link to the full article


0 Responses to “Gas costs were the problem? (updated)”



  1. No Comments Yet

Leave a Reply




 

July 2008
M T W T F S S
« Jun   Aug »
 123456
78910111213
14151617181920
21222324252627
28293031  

Blog Stats

  • 1,334 hits

Top Clicks

  • None
Watch videos at Vodpod and other videos from this collection.

RSS Fark