Even Those Who Profited May Lose It All
This article at Citizenet has an example of a young family that made some cash from the housing boom and chose to get further into debt. "Three years ago Greg and Jessica Furr paid $230,000 for a single-family home. They recently sold it for $445,000, pocketing a $215,000 profit."
"The Furrs and their two young children moved into a new, four-bedroom, brick-and-vinyl-sided home. The couple bought the place for the pre-construction price of $380,000."
"We plan on selling this in two or three years..They say we'll get $750,000. It's hard to believe. To make 80 or 100 grand on a house is one thing. To double the value is kind of absolutely mind-boggling."
And what do the Furrs do for a living. "Mr. Furr (is) a 34-year-old general superintendent for a City of Fairfax-based concrete company. Mrs. Furr has since returned to work as a loan officer for a mortgage company. The couple also has a place on the Northern Neck, where they spend most weekends." I hope they don't have a mortgage on that weekend cabin.