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Tuesday, October 26, 2010

On the other side of the mortgage meltdown: Thrifty folks benefit from low rates

A recent story from the New York Times put the mortgage meltdown in a different light, by focusing on people who had not participated in the land rush of the early 2000’s… but who had stayed put, and paid-down debt on a less extravagant home. Click here to read the story.

Implications: I was struck by this particular quote from one of the folks who stayed in their modest, affordable house, rather than buying a bigger or more fancy home during the real estate rush: “There were times during the housing boom when I felt I was missing out on a big party,” the homeowner said, “Now I’m getting my reward.”

This is further evidence (if you needed any) that not everyone suffered through the same recession.

Mike Anderson

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