This is a story that goes back to when we were house hunting. It got brought to light because, as you’ll see if you read on, it’s a very small world!
The backstory. In 2007, before my wife and I got married, we knew that we wanted to buy a home to start our marriage and eventually raise our family. The condo that I’d previously held was nice enough but it wasn’t ideal for family living.
The housing market had already started to trend downward, at least here in Michigan. Prices had already slipped on average 10-15%. At the time, I foolishly thought that they had neared or hit bottom, not knowing that the worst was yet to come.
As an aside, I sold my condo in just the nick of time. I sold it for roughly $125,000 and it sold last year (through foreclosure) for $50,000. No other property in this story lost anywhere near that percentage of its value.