My sister and her husband have been selling real estate in Colorado very successfully for the last 10 years. Now, this year, between the two of them, one sale so far this year, and that's it.
Colorado is not in the big player market, we are talking 150k to 200k per house. Foreclosures are at a record high level.
Now travel to California and look at houses in San Marcos for $800,000. You can rent them from $1800 to $2400 per month. If you bought a house at $800,000, and make $60,000 a year, then you're in a world of hurt. Your problems get worse when filing for bankruptcy and you have to show the documentation for your "No Doc Loan."
Well, all I can say, is that the warm and fuzzy feeling isn't so warm and fuzzy for a lot of people. The fuzzy part is getting fuzzier!
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