Part 2: Housing bets gone bad

  • Article by: CHRIS SERRES , Star Tribune
  • Updated: April 21, 2008 - 9:38 PM

Wright County was a haven for speculators -- until they got burned in the downturn.

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maf07Apr. 20, 08 5:20 PM

Why is it being advertised on front page news where all the empty houses are? So the empty houses in our neighborhood can get robbed of copper piping and degrade the values of our neighborhoods even more? Smart move. Give thieves a great idea on a rainy day, smart advertising.

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bigjimmy007Apr. 20, 08 5:25 PM

. . . no, the speculators actually got their comeuppance. They helped drive the overpricing of the housing market and I feel absolutely no pity for them and their get-rich-quick schemes. They cry foul, of course, and blame others (such as mortgage lenders). But it's their own stupid fault for not looking logically at something. They are just as much the hucksters as the mortgage lenders they themselves blame.

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formermarine13Apr. 20, 08 5:41 PM

How can people still be advertising these get rich quick schemes? Turn on the TV at 4am and you'll still see people advertising get rich quick schemes with regards to real estate. The individuals in this article were probably duped by the same people advertising these schemes on TV.

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melanie7106Apr. 20, 08 5:44 PM

I see the star tribune won't post a full picture commentary on this matter....what a shame...sensational reporting.

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melanie7106Apr. 20, 08 5:47 PM

get the money back from the high paid govt workers, stop taxing the heck out of us, lower gas and stop them from raking in 10 billion plus in profits, state and irs issue proper refunds, and stop allowing banks to write off billions of dollars in bad debt and leaving the US homeless......then we wouldn't be in this mess....pretty simple! GREED GREED GREED!

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stormb69Apr. 20, 08 6:15 PM

Good solutions. Stop taxing us, don't pay government employees, nationalize the oil companies, nationalize the banks. We can be just like the old Soviet Union. Well, except the top government employees made out great in the USSR. Sounds like nostalgia for a good old totalitarian state.

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richieswensonApr. 20, 08 6:28 PM

is the only way most people learn :rolleyes:

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MorgApr. 20, 08 6:34 PM

If it sounds too good to be true, it probably is...., if it was easy, everybody would be doing it....pick your common sense truism. How were these people naive enough to think housing values would keep going up indefinitely? Within a few years, a 1 bedroom rambler with a 1 stall garage would have cost $500,000. Who actually thought it was feasible? Well, plenty as it turns out. Unbelievable.

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umxa02Apr. 20, 08 6:39 PM

Yes, dumb, dumb and dumber, unfortunately, those of us who didn't get suckered in by the greed will be asked to pick up the pieces.

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poemeisterApr. 20, 08 6:41 PM

While I feel bad for the people whose lives are now in the dumper as a result of making the decisions that they made, those feelings only go so far. The old saying of "if it seems too good to be true it is" holds true here. I have a hard time feeling truly sorry for someone who got in way over their head by not knowing all of the facts. It is sad to see common sense get tossed out the window like it has when it comes to some people buying a house. If you don't make more than $100,000 a year you probably shouldn't be buying that $300,000 house. I have a hard time finding any blame to place on the government for this mess. It is just people on both sides of the mortgage not using their brains and making bad decisions on how much to borrow and how much to lend.

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