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That's unfortunate for the guy who had to sell his home. Regardless of the value of that land, the owner has lost the place in which he lived. His future home may never be a home to him like this place was.
At the end of the day, though, we would all take a deal that benefits us. No one wants to finance $150k. We're more comfortable with $90k, especially knowing that what we're financing is worth more than we are paying. The guy moving into the place is benefitting from a killer deal, and the rest of us, at least in a free market economy, are responsible for finding our own good deals and profiting from them. That's how capitalism functions. Is it right? That's up for historians and philosophers to decide. It is what it is.
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