One of my neighbors who paid almost $500,000 for his house in 2006 would love to be able to sell it for more than the $210,000 that it's been appraised in our "booming economy". He's been transferred.
He was an idiot for buying a house in 2006 for 500K. His woes have nothing to do with a failing economy. He bought in at the high end of a bubble and it bit him in the arse. There is no way the fair value of that house was 500k at the time. The damn fool was probably dumb enough to think he was going to be able to sell it for a profit. I remember in 2006 kicking back, watching the train wreck, happily uninvolved.
So you knew the meltdown was coming? I'm glad you're happy that a lot of other people lost all they had while you gloated. Some of us don't think of our friends as "damn fools" for not seeing into the future. Do you also tell fortunes as a sideline?
There was a strange sort of herd mentality going on during that period. Many normal people thinking that it was totally righteous and possible to make 100% profit in a month or two. If everybody had just stayed at a sane 15% or 20% profit expectation... Nobody thought they were risking anything, just jumping on the gravy train.
Really? In Jan. 2004 GW pushed for low income no money down mortgages for people with blemished credit.
There was a strange sort of herd mentality going on during that period. Many normal people thinking that it was totally righteous and possible to make 100% profit in a month or two. If everybody had just stayed at a sane 15% or 20% profit expectation... Nobody thought they were risking anything, just jumping on the gravy train.
Really? In Jan. 2004 GW pushed for low income no money down mortgages for people with blemished credit.