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In United States
Registered May 20, 2012
SKB's most recent comments:
- On 20 May 2012
In 2003 I stumbled across the MSN money board, and one person said something very profound.... They were referring to the prices of homes going up at unnaturally high amounts... I will never forget the poster, he said , " Could this be a bubble?"..... That odd word in his statement started my own quest and hunger for information that saved me from making the biggest mistake of my life. You see, we were living in Montreal, my husband was on a temporary duty assignment.... the Government was paying our living expenses and we were saving his salary and living off of mine. The plan was in 2007 to return to the States ( Florida) and purchase a home. I saw the prices of homes going off into the Stratosphere and I got really worried. I knew that it could not be right... The prices of homes aways had gone up 6% every year with a 3% deduction for inflation, my deceased Dad who ( he was a real-estate broker) told me that as a child... I never forgot. ... Like bread went up 3% each year so did your salary...So you would see a true 3% appreciation of your home. I continued to read and research and one day I stumbled across this site. It looked a bit different back then and the information was worded differently as nothing at that point was happening in the market except prices were going up 30% YOY... The site, It was still making the very strong arguments and talking points on why it was a HORRIBLE time to purchase. This site nailed the truth 100%. After this site I found Thehousingbubbleblog.com and became a faithful reader.... Everything that was ever predicted came true and in 2007 we came to Florida. We signed on a nice rental and hunkered down and waited..... The cracks began to show a bit later in 2007 and in 2008 we started throwing offers on short sales.... The banks were not budging yet to much and they were unsure on how to do short sales.... We continued to rent, wait and throw " insulting, low ball offers"... I fired several realtors along the way, if they did not agree with my strong belief that we were see at least a 50% decline in prices... I fired them... Finally in 2010 we purchased our dream home for 215,000 on two acres with a pool. Our house is amazing, the workmanship and details are of the highest quality. The man who was selling owed 780,000 on this house due to his many, many HELOC"S. After many months of waiting our short sale was accepted but the seller had to also come to the closing table with a check in hand to the bank to avoid getting sued. Thank-you Patrick for saving us from making the biggest mistake of our lives. We paid the majority in cash for our home and took a small mortgage to give us the Tax deduction. We also were able to get the first time home buyers Tax credit due to my husband being deployed overseas.
Our payments are 1/3 of what our rent was.
Thank you for writing that fantastic article. If you still have that original one... I would love for you to re post it again.
You nailed it, even before the Housingbubbleblog.com was created by Ben Jones.