CNN just did a story about how Detroit is suffering because of job loss and foreclosures. The woman was in Shelby Township, talking about how there were eight foreclosures on the street she was standing on. She was standing on my old landlords street. There were only 10 houses.
His youngest kid was a senior in high school, the oldest was in college and he decided to sell his modest house in St. Clair Shores to buy this giant, ridiculously extravagant McMansion in Shelby Township. I know that he paid $600k+ for his house, and he got a deal ($75k off) because it was the last house to sell. I also know that when he bought the house he bragged to me that he got it for cheap because the economy was tanking.
Maybe it is just me but when your income is based on the income of others, buying a 600k+ house when you know the economy is tanking isn't such a good idea? I also know that by the time we moved he was working a "real" job - for the first time in his life - instead of living off of his income from rental properties.
No comments:
Post a Comment