How many people are going to be under water and upside down in these houses?
I have a customer who just built a big house. It cost him $700k+ to build. It appraised for $450k. He has the money and plans on dying in that house, so to him its not a big deal. However, theres alot of people in the same boat who will sell one day and lose a pile of money doing it. It just made absolutely no sense to me building a house with double or triple material prices, but they just kept right on going. I cant see how this could not get real ugly.
