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
Tuesday, October 26, 2010
On the other side of the mortgage meltdown: Thrifty folks benefit from low rates
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