The Flip Side Of The Wealth Effect In California
The Times Delta reports from California. “What should be one of the sunniest times of their lives is instead turning out to be a very dark year for a Visalia couple. Married for 58 years, the two are packing up their belongings and, on March 13, will leave their home of 18 years. The reason? They no longer can afford to make the payments and are losing their home in a foreclosure.”
“‘I can’t blame anybody but myself,’ the man said. ‘But it’s so embarrassing.’”
“They bought it with the cash they got from the sale of their home in Harbor City, a home that originally cost $18,500 and rose in value to more than $240,000. They brought their windfall to Visalia, paying $102,000 in cash for the home here. They watched its value rise just as steadily, eventually reaching $335,000 in 2005.”
“His pension, $2,500 a month, should have been enough to […]
Original post by Ben Jones
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