Your downpayment has probably gone to equity heaven by now.
Not quite . . . a foreclosure bank owned of same size model (much less upgrades), not on cul de sac, and with a yard half the size, and trashed carpet/paint sold this month for mid 700s. The total liens on my home is low 500s. By my math as of two weeks ago I still have an minimum of 200K in equity (about half of which is downpayment).
That negative equity will be another 100K at least by next year or so.
Hmmm . . . I take this as just a stab in the dark prediction that prices on 4S homes of 3000+ will fall another 300K from where the are now to put me in a 100K neg equity position. We could argue back and forth with our predictions of the future direction of an equity market which in large part is driven by emotion but that would be stupid, pointless, and of now value wouldn’t it????? So I guess we just have to wait on that one.
You are stuck there if something happens to your job or otherwise and you’d have to buy your way out of the house.
I’m employee of fed. government and my wife is an MD (in field with severe shortages of MDs and growing demand). Amongst most jobs I think those two have very high job security. Oh . . . and if I do have to move . . . your tax dollars fund the government perk to either A) sell the home myself and have government pay for all closing costs including full agent commissions of 6% or B) if I can’t sell it I can get three appraisals and the government will buy it from me for the average of the three (and then the government sells it . . . they have taken {or the tax payers have taken} a huge bath on this particular program lately).
So moving losing job . . . always possible but highly unlikely. Selling the home should this highly unlikely circumstance arrive would be no problem.
That’s just for starters.
See no problem with the starters so far . . . what comes after that????
