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Ralph Mowery

In article ,
says...

When my wife was selling A/C she was amazed at the number of people
living in gated communities in 3500 sq/ft houses with luxury cars in
the driveway who couldn't come up with $5000 and couldn't get a loan.

Many people like to impress. They get in over their heads. Several
reasons on the house. At one time in the late 1970's the home loans
were about 8 % many were talked into the variatable rate ones. They
went way up more than the wages did. Not sure where they topped out at,
maybe 12 or more percent. That makes the payments way more.

Some were talked into buying houses that were way more than they could
really afford.

All this left very little money for other things. If the loan officers
of things like the AC checked the bills and income, many could not
afford more loans. Not checking the income vers the bills was one
thing that made the housing market fail.