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A term used to describe the unfounded and ill-informed sense of affluence felt by homeowners during the last Real Estate boom, who then used the equity in their homes or built up credit card debt to purchase cars, vacation homes, plastic surgery, furniture etc., pay for home improvements or just to borrow money to live beyond their means. One of the causes of the current economic crisis.
As in ' He lost his house because he was surviving by relying on his fauxquidity'.
by wordwitch March 29, 2010
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