That’s Michael Choe of Sacramento, who has turned up again in Time Magazine for his good call during California’s manic housing boom. The piece dated today notes that he bought a local bank repo late last year after selling in 2005, then renting for a few years as the market crested and crashed.
Time uses his example to frame the age-old question: Is now a good time to buy?
Choe first made the magazine in June 2005 for the amazingly prescient decision to sell his house for $369,000 – twice what he paid for it in 2002 – and rent for awhile. Time then called it “the (surprising) case for renting.”
In that 2005 issue the cover showed America’s love affair with houses. If ever a cartoon said a thousand words and evokes a thousand memories of great times that one does. Choe appeared in that light to be a bit of a kook for selling in a rising market and renting.
Years later, what’s better than national recognition for calling it right on the money?
Tags: foreclosure, Foreclosures, home prices, housing affordability, housing crisis, Michael Choe, sacramento bee, time magazine
