A Bucketful of Stupid

From CNN Money, we have Slow-market crisis: Stuck with two homes.

When Chicagoans John and Judy Peeler decided to move to Philadelphia last spring, they blithely assumed they'd get more space for their money. Indeed, the couple quickly found a 2,500-square-foot, four-bedroom colonial in a well-regarded school district for $440,000, just about what they figured their 2,000-square-foot Windy City condo would fetch.

Perfect. Or so they thought.

Since then the seemingly ideal move has devastated their finances. The Peelers' Chicago condo has generated little interest, even after they dropped the price - twice - to its current $389,000. And it has been four months since they relocated, which means they've been carrying two mortgages and a home-equity line of credit at a cost of $4,000 a month.

Having depleted their savings to pay for this, they've had to seriously cut back on spending. They went without air conditioning this past summer, despite sweltering heat and the fact that Judy was eight months pregnant.

They've also put off fixing the brakes of their second car, which the mechanic says should be replaced soon. "We don't spend money on anything that isn't critical," says Judy. "Everything goes toward the mortgages."

No air-conditioning while being pregnant. No brakes. "Everything goes towards the mortgages".

WTF?!?

Do you own the houses, or do the houses own you?

FB? You bet!