Home › Forums › Housing › Are houses selling fast now? › It’s not just the ARM
It’s not just the ARM buyers. You also need to factor in all those folks who took out a HELOC at the top. Like this dude:
http://tinyurl.com/ycpwke
Price Reduced: 10/10/06 — $560,000 to $530,000 Price Reduced: 10/24/06 — $530,000 to $489,900 Price Reduced: 11/03/06 — $489,900 to $479,900 Price Reduced: 11/09/06 — $479,900 to $475,000 Price Reduced: 11/10/06 — $475,000 to $470,000 Price Reduced: 11/20/06 — $470,000 to $465,000
According to Zillow, this condo was purchased in 2003 for $426,000, and yet somehow the owner got himself upside down.
It’s going to get ugly out there.
