Just read an article in the New Yorker about when Wall Street types knew the financial system was unsustainable (in hindsight!) and how few of them did anything about that realization.
For me, it was four years ago when we hosted a bunch of my old high school buddies at my 1200 sq. ft,, 1953 stucco tract home and someone asked what places in the neighborhood were selling for, and the answer was about $1.3 million dollars! (Granted, our house has some nice updates and a great location, but we just knock on wood hoping that basic structure will outlive us!) We all laughed and everyone agreed that no one who could really afford to pay that price would ever want to live in such a crappy little place. Anyone with any common sense would have sold the next day - at the time listing only lasted a week or less in our area - taken the cash and rented until the market fell and bought back the same place for a half million bucks less. Of course we did no such thing.
For me, it was four years ago when we hosted a bunch of my old high school buddies at my 1200 sq. ft,, 1953 stucco tract home and someone asked what places in the neighborhood were selling for, and the answer was about $1.3 million dollars! (Granted, our house has some nice updates and a great location, but we just knock on wood hoping that basic structure will outlive us!) We all laughed and everyone agreed that no one who could really afford to pay that price would ever want to live in such a crappy little place. Anyone with any common sense would have sold the next day - at the time listing only lasted a week or less in our area - taken the cash and rented until the market fell and bought back the same place for a half million bucks less. Of course we did no such thing.
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