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.)
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...
Good for you. Cash is underrated.
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.
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.