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His point was that plenty of people got into buying a house in middle America for $450,000 - $600,000 and now those same houses are going for $280,000 and $450,000 respectfully.
Had the people that got caught up in the "Fad" of buying a house in that heyday period waited for five years they would have ended up paying less and having less time for the house to appreciate to the price they paid for it.
Two friends of mine that were loan officers during that period are both out of work and either sold for less or foreclosed on their loans because they couldn't pay for their houses... Both thought the boom would never bust.
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