Every Week Is Crazier Than The Last
Maybe its just me, but I swear the stories about the housing mania are getting nuttier every day. Check out the LA Times story for several examples. One guy buys a mobile home park sight unseen; another sells his stock and buys a piece of desert based on a photo.
But the last example is the most telling. "Kim Kaul, a 36-year-old San Diego homemaker, was an unlikely player..with four young children and a rented apartment. Kaul saw a posting on the Internet..He sold the contract to Kaul for $8,500, money she took out of the family's meager savings.. the Vegas market caught a chill."
"She found a tenant, who pays $1,250 a month. But her mortgage was $3,000. When her husband lost his job, the situation became dire. The couple paid the January mortgage with borrowed money, then gave up."
She still has the fever! "I'm sure the market's going to pick up, but I can't hold out that long. This is kind of a bummer."