1. Home buyers
“Even “dumb” home buyers made a very conscious choice to give up renting and buy instead.”
Patient: I think they may have been sick? Shopaholic sick?
Give a shopaholic ,get and spender a chance to buy a house and they probably can’t refuse.
I just found that the people who bought my house in 2005 are selling. I sold them the best, too big for the neighborhood house at the lowest price per square foot for miles.It had a decent size yard. Paid their closing costs. They were 100% financing. The MLS pictures show that they have done at least 50k in remodeling and put in 100’s of hours(on a perfectly good house).I know they did a lot of work themselves. They also replaced a very new stove, fridge and had way nice brand new funiture,rugs etc. wall to wall.I suspect credit cards.
It’s got a NOD hanging over it (surprise).The list price has them in the hole considering the price of the work and closing costs. It is a very nice house.
Would a “dumb” person do that? I don’t even think someone who was just “dumb” would do that…It takes something else. Given easy credit, were a bunch of under-qualified people trying to compensate or fit in? I think so. People should watch “Revenge of the Nerds” a little nore often, I guess. For feeling good it sure beats the hell out of a BK.
