Quote:
Originally Posted by Enoch Root
1985 wasn't even close to the worst. In 1981, mortgage rates broke through 20%. Thousands of people simply walked away from their homes because they couldn't afford the renewal.
Let that sink in.
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Yes it weird but a cheap house in the eighties was harder to pay for, easier to get in on mind you as the down payments were smaller so you could save them up, but once you bought the sod you were immediately utterly broke and worried, not only could you not be sure of making the payments but you also couldn't sell the bastard either.
Today you know no matter how bad a decision you make you can at least sell the house, back then you had to declare bankruptcy