http://www.mercurynews.com/ci_12743787
This shouldn't be a surprise because:
1) People with day jobs shouldn't be buying 2M homes.
2) Money was easy
3) These were people expecting to be rich, not actually rich.
Evergreen has been an up and coming area especially during the boom of the 2000 real estate cycle. Rolling hills became hotspots for McMansions squeezed in next to each other packed with relatives and 6 cars parked out front.
The houses were large and fancy and times were good. Yet what goes up must come down and if you have a 1M or 2m house, you better have paid cash or have a business. The boom created what I call the faux riche. People who wanted to be rich, look rich, act rich, but were not rich. Rich in a nutshell means I have money and I have enough for a long while if I don't do much else. I'm not saying people shouldn't have aspirations and dreams. Not at all. But you need to write checks you can cash. Most days it's sunny and some days it rains. You need to have enough to cover the rainy days but most of those folks decided to live like it was sunny everyday. If living in your 2M house depends on if you have a job as an engineer, well, you have too much house.
BTW. I hear there are some good deals in East San Jose.
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