[quote=sdrealtor][quote=CA renter][quote=spdrun]If you’re STUPID, you don’t have good luck.
People who mortgaged their firstborn to buy a house that it would be 50% cheaper to rent at the height of the bubble with no cash down, were STUPID. G-d helps those who help themselves.
I have no problem with wealth redistribution. But I also have no sympathy for the people who bought in the mid-2000s, because they should have thought for 2 seconds before following the lemmings off the cliff.
Lastly, if one bought with little to no cash down, they never really owned the property. More like leasing it from the bank. Leases are revocable.[/quote]
Sometimes, it’s fun to beat a dead horse.
Bravo on your post![/quote]
I agree it can be fun to beat a dead horse and there is no horse deader than yours.
I said 30% would be worst case scenario and beleived the number would be about 20 to 25%.
Surprise surprise! 5 years later we bottomed out at a 20 to 25% decline and are starting to head back up albeit slowly. CV didnt even get that low.
Giddyap Dead Horsey![/quote]
I always honor my bets, and you may well win by the end of this year.
That being said, I don’t think the “downturn” is anywhere near over at this point in time. As pointed out before, interest rates and the control of inventory are nowhere near “normal,” so we’ll have to see what transpires going forward.
While I will probably have to give you the win on this particular bet, based on the specific examples and tracts, there have indeed been many homes in this area that have sold for ~40%-50%(+) below what they sold for during the bubble. I’d also add that prices in our area, in general, have been about 30-35% below peak levels, not just 25% lower.
No matter, we’ll all be able to enjoy a nice dinner, and that’s what counts!
