hardly a buying spree. Guy bought house in August 2004 that he couldnt afford (i.e. 100% financing) and greatly overpaid at absolute peak of market. Guy realizes mistake and puts back on market in December 2004 trying to get out. House sits on market for more than 1 year because he cant sell at a loss. He didnt have any money to begin with. House gets foreclosed and lender takes an 80K bath. Coming soon…..house sells around 600K and lender gets another 80K bath.
