New Abnormal: The Schizophrenic Economy
In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, Calif., and watched a guy auction off his condo for half what he had paid for it. Ronzio had purchased the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he had ever owned. “It was totally my bachelor pad,” he says. “Not much inside other than the usual leather sofa and the huge screen TV. My fiancée made me sell the couch.”
That was not the only thing that changed when Ronzio got engaged. His fiancée had two young children, and there was not enough room in the condo for all four of them. So last year, Ronzio purchased a house nine miles away and they all moved in. He figured he could rent the condo…
economy
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Submited at Friday, July 30th, 2010 at 9:00 pm on Politics by nuterman
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