The economy is in a downward trend. The housing boom that gave rise to about a thousand buy-and-flip-this-real-estate television shows and created little mini-investors all over the country has become more of a whisper than a boom. You know that when even that gorgeous house that underwent an extreme home makeover hits foreclosure, the market is crazy, right? Actually, that is not really true, as when the real estate industry suffers, it is often the higher-end homes and the lower-end homes that take the biggest financial hit.
In the case of the two extreme home makeovers that were shown on television and have ended up in foreclosure, there are probably several reasons why that happened.
Do you remember that old question that people would often be asked to help determine elements of their personality? Would you rather live in the best house in a bad neighborhood or the worst house in a good neighborhood? Well, the best financial answer is the bad house in the good neighborhood. Any realtor will tell you that price is important, but location is paramount. The extreme home makeover foreclosure was probably due in part to the fact that the houses were way too big,...
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