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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] As I foretold you ...
  • Date: Tue, 23 Mar 2010 22:21:59 EDT

"Our revels now are ended. These our actors,
As I foretold you, were all spirits, and
Are melted into air, into thin air:
....
We are such stuff
As dreams are made on"

(From the Tempest).

------------------------

When the housing bubble was inflating toward its zenith and inevitable
deflation, so many scoffed at the idea ... bubble-shmubble, never happen!

Not least among which was my closest neighor. She had overpaid for her
house some ten years ago just before the onset of the bubble, $94K if memory
serves. At the height of the bubble and the schmarmy loans being offered by
all and sundry, the bank's appraiser told her that her house was suddenly
worth $160K and the bank would be happy to give her $60K against the equity
of
her house.

Perhaps a couple of score of times we talked with her and told here that
money did not suddenly appear in her house, cash was not oozing out of the
light switches and dripping out of the faucets. She always looked at us and
asked why we were so obstinate to not understand that it was just a roll of
the dice, the cards had finally been dealt her way, and because she had the
good fourtune to buy the house when she did, she won and gets the $60K that
the house's equity had increased? Were we parhaps a bit jealous that we
ourselves didn't have a mortgage on our place and thus were missing out on
all
the money she was making?

Today she declared bankruptcy and lost the house.


James</HTML>




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