Michael Jackson Avoids Foreclosure
Even rock and sports stars have fallen prey to the Mortgage Meltdown. First Jose Canseco, now Michael Jackson. Wait!
He said Beat It! And he did. At least for now. A private equity firm bought Neverland Ranch from the bank holding the mortgage, so at least for the time being, Jackson still “owns” the hell hole.
The picture on the left (right below us) is how Jackson looked before the Meltdown. The picture to the right is how he looks now that his net worth is negative. I joke, but the Mortgage Meltdown isn’t nearly as bad as everyone in the media wants you to believe. It’s as if they want to accelerate everyone’s demise. It’s dreadful.
Not that it won’t get worse (it will). But it will come back sooner than a lot of “experts” think. You know why? Land is the only thing “they’re not making more of” that us ordinary folks can buy (we can’t buy crude oil or platinum).
Here’s an interactive map from the Wall Street Journal that lends some credence to the axiom that real estate is not a national market like stocks or bonds, but many local markets that are affected by macroeconomic change but not nearly so much as the microeconomic forces at work like supply and demand. Look at San Francisco (up from the “peak”). Same for Seattle.
Will they follow? Doubtful. They are such small geographic areas and people want to live there.