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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That was due to the "sub-prime" mortgage fiasco. People with zero credit history were being given mortgages and when prices went up, they took the equity out of their homes and were SHOCKED when they couldn't pay it back...
Most people who were simply "under water" just waited it out, paid their mortgage and were fine...