And no one thought this could be a problem?
People, here is a story about just how nuts the real estate market was. The article is about how minorities are suffering from foreclosures, but try to ignore the racial politics angle and just consider the personal finance angle.
Class, the question to be answered is the following:
"So how did Ramirez, the strawberry picker with an annual income of just $14,000, purchase a $720,000 home in Hollister without any money down?"
So far the only answer I come up with is collective insanity.
hat tip to Dr. Housing Bubble.
Labels: financial puzzles