Quote:
Originally Posted by Munchkin03
I know that Michigan has other circumstances, which is why I didn't originally cite the state as "part of the problem" as I did with inland California and South Florida.
Were there a lot of new subdivisions in Michigan that sprouted up as a result of crazy lending? I always got the feeling that was a problem that was pretty exclusive to the Sun Belt.
One of my stupid co-workers asked me if he could get a "mansion on the water in Flor-eee-duh" for super cheap because of the foreclosures. I told him 1) people weren't foreclosing on real mansions, just the mini-crap ones and 2) he probably wouldn't be able to get an insurance policy in the state of Florida. You'd think people would have learned their lessons, but the cycle of greed continues.
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It's interesting to live in parts of the country that haven't been affected quite so negatively. I know in my area of CT home prices have fallen, but not to any great degree. That's a good thing of course (especially for people like my wife and I who didn't buy at the best time), but at the same time I still hear people talking like your co-worker, like they're blissfully unaware of other people's mistakes.