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Bursting Bubbles
by Chuck Chamness, NAMIC President and CEO
I have been spending quite a bit of time in D.C. lately; so much that my wife, Briget, and our kids are beginning to wonder if I've moved back to 918 Independence Ave SE, our first house. We put every penny we had into that row house back in 1991 though my parents’ Midwestern mindset couldn’t believe that we needed to spend $200K on a two-bedroom house that needed work. We sold in 1997 after we moved to Indianapolis for basically what we had in it or $212K … someone bought it four years later for $375K and again in late 2005 for $700K. We clearly picked the wrong six years to own that house, but this experience frames my perspective on the real estate bubble.
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