House bubble
Storyboard Text
- We are fine, housing prices will drop eventually..
- Hello neighbor! You seem to be doing well!
- I sure am! I'm building a swimming pool in the backyard and flipping houses. Everything is great!
- This house may be the winner!
- Let's hope for the best!
- The couple decided to disregard their real-estate agent's advice and will wait for housing prices to collapse before purchasing one.
- (on the phone) I am saddened to tell you, but the house you were interested in has already sold.
- It is now 2006 and the couple took a stroll passed their neighbors beautiful houses. They are the houses that the couple could've purchased four years prior for half the cost. Their neighbors are doing quite well financially and are now pursuing their passions.
- We finally did it! We were able to buy a house!!
- After being hesitant and worried of a possible house crash, the couple contacted their real-estate agent to look at potential houses after seeing their neighbors successes. Finding a good home, they contacted their mortgage broker who offered them an adjustable rate mortgage.
- I'm afraid to fall back into a financial crisis, what are we gonna do?
- We will figure this out, don't worry.
- After taking a day to discuss their finances, they were ready to place a bid on the house only to be told that the house already sold 10% over the asking price.
- Fast forward a year into the spring of 2007, the couple was all caught up with the market reality. They made an instant bid on this beautiful house presented and received the ownership!!
- After 18 months, the down payment has been wiped and they now owe more than ever before! The mortgage rate is going to be worth more than the house and the couple is in fear of being laid off. Who knows what the future has to bring...
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