[quote=davelj]If you can afford your mortgage (or don’t have one) and don’t need to move, the value of your house is largely irrelevant other than as some figure in a mental account.[/quote]
Yes, if your mental date to sell is down the road a few years or more, your mindset might be, “Let’s get this party started, the pain over with, the blood all washed out into the ocean.” Then when you are ready to sell, it will (hopefully) be a “normal” market.
That’s MY mindset.
Oh, and from what I can see, the buyers of these REOs are 10x the owner/neighbor than the previous ones who lost the property to foreclosure. With all the $$ and time these new owners are putting into their newly-acquired “bargains,” it can only HELP MY (future) BOTTOM LINE, by upgrading the ‘hood, one by one . . . It doesn’t bother me a bit that someone else got a great deal (I’m not actually in danger of going “underwater,” tho).
