We have a jumbo conforming loan from chase, no 2nd loan, might not be as easy to refi.
House is in an average location of Torry Hills. Using 2000 builder price with 3% annual inflation will put it around 670K. It dropping below 690K alone might not motivate me to walk. But when that happens, the probability of loosing both engineer incomes is very high, combined with no recovery in sight and possible finding jobs somewhere else … I might.
I agree whatever reason made us bought last summer probably doesn’t make any sense now. We knew house price will go down further but completely underestimated the fallout of Wall Street followed by global recession.
I guess how fast CV price drops is another factor too. When do you think it will hit 690K level, 2010, 2011?
