[quote=bearishgurl]It seems that members of your spouse’s family sold or left their longtime “city” houses and moved out into the sprawl when newer development became available. Therefore, they must have gotten caught up in millenium-boom buying (since that’s when the majority of these tracts were built) and are underwater now.
You’re right, AN. If you can’t beat them, join them. I guess being able to buy cheap rental houses now lessens the sting of an unwise purchase on one’s residence years ago :=]
For your spouse’s relatives’ sake, I hope all the “shadow inventory” around Fresno is able to be absorbed in the coming years (gets transferred to stronger hands).[/quote]
What “city” houses are you talking about? I did say they’ve lived there for well over 20 years. I don’t know about all of them, but the one that I do know, the answer is no, they’re not underwater, even when they bought in the bubble years (not at the peak).
What do you mean if you can’t beat them? Beat what? Who are them? What sting are you referring to?
FYI, I think some of them would be ecstatic if the “shadow inventory” drive prices down even further. Lower prices = more and better cash flow rental for them.
