patrick.net

A 720K house is almost too much for one HaHa.

Trader Joe's is having a two-for-one special on strawberries. Perhaps I should stock up --after all, if the berry pickers are all buying $720K houses, prices are bound to shoot up real soon.

Oh.....K!

Goes hand in hand with what I was thinking. So just what ARE some of the most humiliating moments in the history of finance? This is not only a worthy entry, might just take the CAKE!

(Oh btw, the "agent" that sold them the house and her firm were, unavailable for comment)

You could tell Carol Lloyd was choking back tears mixed w/disgust as she wrote the story. Escellent choice El-Harmo!

Food and housing. Yummmm.

I had an excellent strawberry short cake on University Ave yesterday.

My grocer just told me, "they're not making any more strawberries".

1996: Randy & wife experience intense scrutiny when they borrow a little shy of $300,000 to buy a $365,000 house. They have $300,000/year in income.

$300,000 in 1996 equals $383,930 in 2006.

===

2006: (Maybe a tad earlier). Banks fall all over each other for the privilege of "loaning" over $700,000 to a strawberry picker who wants to buy a house. He makes $15,000 a year.

In 1996 his wages would have been $11,720.
In 1996 his house would have been $562,601.

===

Summary of the decline, in strawberries to strawberries comparison terms (1996 dollars):

Borrower Price Tag Wages Mortgage Lender's Behavior

Randy $365,000 $383,930/yr Given crap about being self-employed
Alberto $562,601 $ 11,720/yr Given a wheelbarrow of money