Well said Scott. That is exactly how I see it too.
That is how it has happened around me here in Northwest Iowa. Of course, on a much smaller scale compared to the East or West Coast. While I have been doing title searches and closing loans the last many years, I have been shaking my head & wondering how are these people going to pay these loans. Yep, they did a CONsolidation of loans. Never paying them off, just moving their debt & getting more new debt. In addition, the builders here got greedy... they have subdivisions, homes & condos not selling. We have like 9 years of condos sitting empty, with the builders mortgaged & losing money every day.
As I watched SOME people go into debt up to their eyeballs, I made sure I saved as much as I could, knowing all this great money making would come to an end. Glad I only owe a small loan on my home, as it has slowed down alot here. I'm a simple person, but really living better then most round here, with my common sense approach and of course I'm conservative.
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