A place for residents of Marin County, CA and others to express their views regarding the real estate bubble and in particular the Marin real estate market
Sunday, June 08, 2008
What About the 'We're Rich' Argument?
Rep. Laura Richardson (D-Long Beach)
All are very wealthy individuals, all are living in "special" places, all have multi-million dollar mortgages, and all are foreclosing. There will be more.
Wealthy individuals can buy more expensive houses and have more assets to draw from, but they can be just as "stretched" as any working class nine-to-fiver as they are just as susceptible to societal pressure to buy more than they need, to "keep up with the Joneses", to obtain bragging rights to their friends and family, etc.
At the very least my hope is that the pain from the housing bubble bust, and the public record provided by the housing bubble blogs, will finally and once and for all teach people to ignore all the easy, self-serving, "rational" sounding "explanations" realtors/agents, etc., peddle to the gullible masses to keep them buying and so mindlessly and willingly paying ridiculously high prices. My hope is that realtors/agents will finally and once and for all be discredited as definitive sources of real estate related information.
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