In 2003, my wife and I bought our first house in Westminster, CA for $295,000.  We financed it with a 100% loan.  An 80% first lien, 40-year fixed-rate loan and a 20% second lien, fixed-rate for five years.  In 2005, we sold the house for $585,000.

I stumbled across some photos of that home (see below) and laughed.  The car on the right-hand side did not work and was left there by the previous owners (renters, actually).  I bring this up to reflect on how wild and crazy the mortgage and real estate markets were during those times compared with today's markets and current events.



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