– I am a homeowner who has accepted that my home, worth perhaps $550k at the peak of the madness will be declining in value rapidly, maybe to half of the peak value.
– My only debt is a mortgage balance of $148k.
– I have an STRS pension and contribute to a college fund for my kids each month.
So, I guess you could say that I see things the Piggington way in terms of what will happen in real estate, but I want to give my kids the stability of growing up in the same house. It was tempting in 2005 to say “Let’s take the money and run” but most of our equity is phantom equity that came to us with the blowing up of the bubble, and which will go away as it deflates.
