Surprise, surprise! Turns out that the perentage of million dollar plus homes of "the wealthy" (or those who thought they were wealthy) that are in default to lenders is higher than that of homes below the million dollar level. But weren't we told that it was Fannie Mae and Freddie Mac underwriting mortgages to the poor and unqualified that caused the housing bubble and resulting crash? Hmmmmm. Seems there was quite a bit of overreach on the part of the McMansion set as well. Of course these "wealthy" defaulters can afford to just walk away and start over. Just another bad investment to be shrugged off.
Must be a lotta nice bargains out there these days.
If you can stomach the fare.
1 comment:
After a year of stalled developments, the building of over 500K homes has begun again here in the PACNW. Of course, all the rental places have raised their rents, so they get us either way. Funsies. Still no jobs, though. Ugh.
Post a Comment