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Patrick, Stop posting the left-wing garbage from reddit and focus on real news.
if I created a site like this I'd post anything I F$%King felt like. you can always create your own site and post anything you'd like. so either do it or shut your trap.
peace.
I am enjoying the posts this morning. I love Katy Perry, too :-)
bubblesitter
2011 Jul 22, 2:02am
I thought that purchasing this 3600sf house for 500k was a great deal already
and still frustrated?
natural gas power plant about 2 1/2 miles away from this town
I'm thinking if I should consider short sale to just get out of this high mortgage, or should I just wait and see what happens?
You just answered your own question. I'd say squat and let it foreclose, don't pay a penny to bank - live free.
I purchased a house in 2007 in a town that was started in 2003. Before the economy crashed, these houses were selling between 600k - 900k. I thought that purchasing this 3600sf house for 500k was a great deal already, but unfortunately price still keeps dropping. There are a lot of short sale and forclosure which is really bringing down the value of our house a lot. On top of this forclosures and short sale, there is an approval to build a natural gas power plant about 2 1/2 miles away from this town, which made it worse. Currently the value of my house is pretty much evens out on my loan. I have the house on the market now, but my asking price is a little on a high side to pay off the realtor fees, which in reality we walk out with nothing. It's already been almost a week on the market and doesn't seem like it's going anywhere. I'm thinking if I should consider short sale to just get out of this high mortgage, or should I just wait and see what happens?
Let me guess, Mountain House, CA? I would short sale and get out ASAP. Gas prices will only go up and the commute traffic over Altamont pass is projected to double in 10 years or so. Also the quiet train tracks north of town will be reopened soon (if not already). When the power plant goes live prices will probably go down more. Try to find a sucker to buy your house and take advantage of the lower prices nearer your work. I don't see anything that would lead to increased prices out there for a long long time.
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Let's say you bought in 2001... You have enough equity to sell and break even or walk with a little cash and rent an equivalent place for the same as your mortgage? Who on this website is so sure of a 20-40% drop from current prices that they would sell... And buy later? How much equity would you have to have in a home before you think it'd be worth it to ride out future price drops?
Or would selling now be equivalent to selling all your stocks at Dow 6000 a few years ago? I remember people scared me out of doubling down on stocks in March 2009... Everywhere people were saying we could drop to DOW 4000 or 3000... I atleast held tight and kept investing in my 401k... But i regret not throwing everything i had into the stock market a few years ago... Is the big money on wall street trying to scare the middle class out of housing now, so they can buy it up and rent to us for a profit in the future?
#housing