“…if you can take riding it out, take it off the market and stop trying to sell something unsellable”
THAT is denial…..
The market is always good when there are buyers, it’s the bubbles that were the problem.
This is the root of the crisis. The carrying costs today are not affordable to many who bought in 2004-2006. They can barely afford their current payment, and looking straight into an 18 wheeler heading straight for them when their ARM adjusts.
The house CAN be sold, but only at today’s price. It’s DENIAL to think that it is really worth more, because it isn’t. Hanging on is just a gamble.
The sickness of human nature is that people think they are entitled to break even (or make money). Nobody cares what anybody paid for their house, except them. It’s worth what it’s worth today. Same applies to stocks. Hanging on to not take a loss is often a worse decision than having bought in the first place.
Nobody likes to admit they were wrong and don’t understand the concept of “cutting their loss”
The biggest mistake many people are making is throwing good money after bad by continuing to pay a dollar for something that is worth 50c, thinking that they will eventually get their dollar back. They are going to waste time and money.
Some savings and retirement accounts have been depleted because of DENIAL. Some people will never recover.
Down the road, there will be people who will be living on SSI, talking about how rich they had been and the homes that they “owned” before the depression came.
There is a good chance that it’s going to be worth 40c long before it’s worth 60c, and it may never be worth $1.00 again, or not for a very long time.
