Quote:Agree.

 

Sites got ridiculously small.

 

As long as the dollar signs grew, so did buyer's eyes.

 

There were so many people selling homes for more than they were worth, then, not rolling the equity... but just buying more and more stuff.

 

Fewer down meant more "in the pocket," so they put a new car in that new garage, or added a new pool.  And on and on.

My question to this even though I agree with you, is whos fault is this? I would think that the county tax appraiser should have stepped in when ridiculous prices were advertised and said, "HEY!!! These properties are not worth that much, DO NOT PAY THAT MUCH!" But the tax appraiser is looking for money for the county and so he turns a blind eye to the gouging of the buyers...

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