My close coworker who bought during the mania of end of 2004/early 2005 who would spend all day looking at real estate ‘investments’ on the Internet at work recently confided in me just how much under water he and his wife are. He and his wife were empty nesters and bought in theSan Elijo Meridian tract, both regretting at the time that they “only bought two homes.” Buying both with a fair amount down, but each with a teaser ARM, both places are now up for sale and they’re scared about how much of a loss they’re looking at. Soon-to-be retirees (or maybe not anymore), and they’re easily $75-100k down on each home. Of course I don’t have the heart to tell them that they aren’t going to be able to get what they paid for each (what they’re currently asking). Too bad the builder is also having trouble selling inventory homes for a lot less than what they think they can get. Pity the fool, no matter how lovable.
