OfgiftYou are both right, kind of.In the sunshine belt there was a huge build up in the early to mid 80's leading up to the Tax Reform Act of 1986 and the Savings and Loan melt down.

Cash is what you need in that kind of melt down but I never had seen credit freeze like that before and hopefully never will.For me if I was thinking there was going to be another market correction of that magnitude I would have my powder dry and  have my commercial bank in tow.. my one major commercial bank stuck with me and kept our credit in the mid 7 figures but we were on 90 day reviews full financial every 90 days.. it was an odd time.  

After the snow melted (under contract but not closed) I drove by and sure enough, newer roof (maybe 3-5 years old).

I did probably 200 plus loans in Detroit before it had its epic financial melt down.. and boy was it epic.

I suspect though banks did not chase too much of it in the melt down prior 

I currently work as a bartender/server at The Melting Pot in downtown Spokane, WA.

Had an employee melt back side of houses siding because he had grill against house he was renting. 

The struggles and frustration of this project melt away when I think my grateful renters moving in yesterday, all smiles and glee!

I would really like to know who preaches that or where these folks are learning this and why they bite on it.. is it because of the once in 200 year melt down in 08 to 2010.. ?? 

And its not really the snow that causes problems its the water from the snow melting and ice from that snow melt then re-freezing that is the biggest issue.