The delusions of high-end buyers is truly remarkable. In a declining market, they believe their houses are immune from the forces crushing the rest of the market. Their properties can only increase in value, right? The owner of today’s featured property bought in early 2008 just as the price correction was picking up steam. The rest of the market dropped 20% or more since then. His property has gone up 35%. Go figure. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

The owner of today’s featured property believes his property has appreciated 35% since early 2008 when he bought. The rest of the market has declined about 20% since then. Is it reasonable to think this house went the other way? Some say the rich get richer, but only if a greater fool comes along to pay a lot more for an already overpriced house. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]