stupidity is not a class thing
Apr. 7th, 2008 03:28 pmForeclosures come to McMansion country - Yahoo! News:
So we've got already decreasing housing values (from the bubble burst), that are going to get lower 'cause tons of for sale signs drop property values in general, and then have them go lower by dramatically increasing the supply for a demand that obviously isn't there.
LEESBURG, Virginia (Reuters) - Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.The *real* aggravating thing in all of this is the fact that in spite of having a TON of houses up for sale (and no buyers, to the point that in the last tax year we've already lost $100,000 from our house's peak assessment), the local government is still about to give a major handout to developers to building 15,000 more unnecessary and unneeded houses out on the south side of Dulles Airport, putting the traffic strain on the 50-28 intersection to a breaking point...if there's anybody to move in, that is.
The U.S. housing crisis has come to McMansion country.
Just as the foreclosure crisis has hollowed out poorer neighborhoods, "for sale" signs are sprouting in upscale developments so new they don't show up on GPS navigation screens.
Poor people weren't the only ones who took out risky, high-interest loans during the housing boom. The sharp increase in housing costs -- and the desire to live in brand-new, spacious houses with modern features -- led many affluent buyers to take out loans they couldn't afford.
So we've got already decreasing housing values (from the bubble burst), that are going to get lower 'cause tons of for sale signs drop property values in general, and then have them go lower by dramatically increasing the supply for a demand that obviously isn't there.