When I looked at the picture of the children room in that house, it gave me a very sad feeling. People with dreams and love and family and especially kids are going to be ruined by this downturn of real estate.
f*** all the liars who contributed to this mess.
When I look at the pictures of that house, I saw a relatively new Mitsubishi Eclipse parked outside, really nice upgrades inside (nicer than my own home), lots of new toys for the kids that probably cost a fortune, and a buyer that paid $1million to live in Chula Vista . I can't fathom too much sympathy here, because it appears there was overspending by these folks across the board. I do feel sorry for the kids.
The interesting thing will be if this family qualifies for any bailout, if they are even going to think about taking the bailout plan, given a $400k+ shaving on the value…Not to mention that in Chula Vista, it's probably going to get even worse than better better.
One slightly off topic question: I see so many new home buyers buy a new car right after they move in. Why is that? I would think that after one makes such a large purchase, that one would want to be more financially conservative the first year or so- just in case he/she underestimated expenses. But more often than not, I've seen several new home buyers trade in their cars for a new one just a few weeks after they move in. Possible kickbacks?
