Zurina

Number of U.S. Homes With Negative Equity Is Stunning

Tell you a real money story:
My new neighbor bought the house from my previous neighbor who worked as a city marshal. She (city marshal) bought her second house next to mine for $265,000 in 2002. In September 2008, the house was on foreclosure, my new neighbor bought it at 50% discount from the bank for $275,000. So my previous neighbor took out about $200,000 in the last 6 years. She also gave up her first house, and now live in a apartment. Government thinks that people like her need free check.

If 5 millions house owners are like my previous neighbor, each pocketed $200,000 cash for each house, sent part of the cash overseas, tell me that our financial industry won't collapse. Blame everybody else but the real culprits.