We all know this phenomenon is very common. Buyers have been speculating in droves on their own shelter.

Still, some would want to us to believe that people bought houses for living; and as long as they can afford the payments, things will be OK.

Another of my casual friends in an IT guy also. He bought a house he can hardly afford as a “move-up investment.” He can’t sell now and he’s stressing. But yet, he’s still rationalizing his decision. I’m sorry, but I don’t have any sympathy for his kind of misguided hubris.