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Wanna Lose 25% on a $2.4 Million Home?

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November 12, 2007 – Comments (4)

Just be a pro football player and try and sell your home after a year in Phoenix.

At least this guy can afford to take the kick in the teeth. (Housing Panic with the find.)

4 Comments – Post Your Own

#1) On November 12, 2007 at 6:05 PM, kristm (99.74) wrote:

I'm not a pro anything but I realized a year ago that I'd be a professional dumbass if I bought a $60k house for $90k. And I've held off... Have to live with my parents for now but I am NOT committing myself to make seventy or eighty grand of payments on a house that isn't worth sixty thousand. I just keep building up my money market and holding my breath...

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#2) On November 12, 2007 at 6:59 PM, TMFBent (99.83) wrote:

Good for you. Cash is underrated.

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#3) On November 13, 2007 at 1:01 PM, abitare (58.10) wrote:

My WAG: Hot real estate markets homes could lose 40 - 70% from the peak in 2005.

It is going to be interesting to see how they will keep people in homes, who bought in 05 - 06. It might take a decade to pay off the loss or to get back to peak prices.

In my building (DC) prices are down from $330-350k in 2006 to $260-220k now. The building sale board is floaded with listings (10+). Some people are still asking $350, trying get the peak prices, even though units are listed at $240k.

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#4) On November 13, 2007 at 8:21 PM, TMFBent (99.83) wrote:

Yowch. That's an amazing story, and shows just how silly calls of a "bottom" in housing prices are. People stay anchored to home and condo prices for a long long time.

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