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Ah, I see. I thought your explanation was more general, not specific to the current economic situation. And since I learned as a kid that a house normally only
by johnchristopher 13y ago
Ah, I see. I thought your explanation was more general, not specific to the current economic situation. And since I learned as a kid that a house normally only get more value over time (I live in western europe) that was confusing me. Thanks for the clarification.
- jdbernard 13y ago> I learned as a kid that a house normally only get more value over time I think this is one of the reasons we got into this mess. People bought more house than they could afford thinking they would be able to sell it if they needed to and at least break even. Nobody was prepared for underwater mortgages because we all assumed houses only appreciate.