Quote:
Originally Posted by rufflesmom
Yes, and then the bottom fell out in 2008. People walked away from their homes because they now were worth less than what they purchased it for. I couldn’t believe that wouldn’t just wait until the market came back around, which it always did. I bought in 2000 because the prices were going up so fast. I couldn’t afford to pay any higher so I took the plunge and sold my condo and bought a single family again. That was up north.
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During the housing bubble burst starting in 2006 I was living in Newport Beach, CA and driving a Porsche. The same dealer also sold and serviced Bentleys. I remember taking my vehicle in for service and seeing a dozen or more Bentley convertibles sitting out front in their overflowing lot. Although I had noticed one or two Bentley convertibles in the lot before there had never been nearly this many. I asked my service manager why there were so many. He said "Oh, those are the mortgage brokers' cars." Mortgage brokers back then in CA were raking in hundreds of thousands of dollars per year and of course their income dried up so they were forced to turn in their leased Bentleys. lol
In October 2009 I first visited The Villages. Prices had come down some off their peak. I heard tales about how a few years before The Villages had set up a couple of tents to accommodate all the prospective buyers as a feeding frenzy was on. If this source is correct TV sold 4,263 new homes in 2005. That translates to almost 12 house a day, a new house every 2 hours 24/7.
The Villages New Home Sales: 2003-Present | Inside The Bubble