LOL. Exactly. They did it thinking they'll get in on the fun of appreciation, they did it thinking they'll sell in a couple years and make some money, they did it thinking prices wouldn't crash and that the mansion expenses would be recouped in a couple years.
Now they're paying for a property worthless and they hate throwing their money away at no chance to get it back. At least renting they can pocket the $20,000 a year that would of went to a mortgage anyway.
I'll never understand the SUV thing. I gave up.
Put it this way.. let me sell you my home for $400,000 but you have to get a $650,000 loan for it.
It's called poor planning, poor visual for the future, neive to what could be.
I stopped buying properties in 2005. I wonder why. lol
I bought a house last year but 26% below FMV so I'm still even ahead today.
