I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.
“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”
How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.
