Actually, I think one of your presumptions should be modified:
Setting aside recent predatory mortgages for a moment, that second home is still an indication of wealth - this person has resources enough to get a second home, which is more than someone who cannot afford a *single* home has. As the old adage goes - the way to get a bank to loan you money is to prove you already have money.
I would say that this person had, at one time, resources enough to get a second home.
While one might think that if someone's income/resources changed substantially they would sell the second home that they could no longer afford, I think that might depend on the person's job and what they were expected to be able to do/show as a {insert job here}. While that may sound crazy, I can think of people in various positions who are, even today, expected to entertain colleagues -- in their home. Or, over the summer, in their summer home at the beach/in the mountains/at the lake. They would perceive not being able to do this as detrimental to their career and, as a result, even more detrimental to their income -- even though they're living on Ramen while trying to keep both homes.
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timeasmymeasure
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Date: 2013-04-05 06:10 pm (UTC)Setting aside recent predatory mortgages for a moment, that second home is still an indication of wealth - this person has resources enough to get a second home, which is more than someone who cannot afford a *single* home has. As the old adage goes - the way to get a bank to loan you money is to prove you already have money.
I would say that this person had, at one time, resources enough to get a second home.
While one might think that if someone's income/resources changed substantially they would sell the second home that they could no longer afford, I think that might depend on the person's job and what they were expected to be able to do/show as a {insert job here}. While that may sound crazy, I can think of people in various positions who are, even today, expected to entertain colleagues -- in their home. Or, over the summer, in their summer home at the beach/in the mountains/at the lake. They would perceive not being able to do this as detrimental to their career and, as a result, even more detrimental to their income -- even though they're living on Ramen while trying to keep both homes.