I was dating my husband in 1989 when our realtor friend talked him into buying in Mission Viejo. He purchased a 2 BR 2 1/2 BA condo with less than 1000 SF for $138,000 VA no-no. A year later we were married and lived there for another year. By 1992 there were several of our unit for sale in the neighborhood of $99,000! OUCH!!! Luckily we could rent it our for a small loss every month, but what a hassle. We weren’t able to sell it until 2001, when we finally made $40,000. Don’t tell me the market can’t drop 30%…we lived it.
