Ditto, Sell. I could never leave the sunshine state but if you figured out the fully amortized rate for a loan of 712k and you can’t afford it, then get out of it while you still can, if you still can. Interest only is just another word for renter with a locked sales price, we used to call that a lease option. In ten years you will owe the same amount you do today. If it were going up 10% a year, it would make sense but it’s going to be many years before that comes back and most think it will get worse over the next few years. I personally think you still have time to get out because the impact of the subprime implosion and tighter lending standards will hurt the bottom first and it will take time to trickle up to you. The only problem is we have always had up and down cycles, yet we have never had one where we were so exposed and out of whack with fundamentals.
