“Re-partments” will likely continue to drop in price in San Diego and Detroit and everywhere for that matter…would not want to be the bagholder there.
Speaking of suburban Detroit, it seems to me that one should be able to get a mansion for $250K out there, not a condo. What’s up with that? (I know some parts are very nice, but $250K for a condo..c’mon) The answer is this must be a classic “bubble”.
Beyond all this…why not rent a place like the one you want to buy for a year and, with the extra money you were going to throw away on PITI, after learning how, go out and buy some PUTS on companies that should suffer as this thing comes crumbling down? You may come out way ahead or you may just break even…who knows?
Good luck to you…God knows we are all in trouble when the market has become so soft without any real shocks to the financial system, eh?
