Posted by: patrick | March 23, 2007

recent housing stories

While working on my entry about why I’m not investing in real estate, I just found this article on the U.S. housing market in the Economist, “Cracks in the façade.” It starts like this:

CASEY SERIN knows all about the excesses of America’s housing bubble. In 2006 the 24-year old web designer from Sacramento bought seven houses in five months. He lied about his income on “no document” loans and was not asked for anything so old-fashioned as a deposit. Today Mr Serin has debts of $2.2m. Three of his houses have been repossessed; others could share that fate. His website,, has become a magnet for those whose mortgages are in trouble.

I checked out Casey’s site, and he’s definitely in a sad state of affairs. The majority of reader comments are quite critical of Casey’s behavior and actions–and amusing too. The term “hater” would accurately describe many of the site comments.



  1. RE: Casey Serin:

    Some similarly business-minded folks from the old country also run into tough times, due to their own innovative ideas for creating wealth, just like Casey:

    Uzbekistani immigrants await discussion of entrepreneurial methods

  2. Nice blog, and very informative! keep posting so that we could all benefit from it!

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