Yes, I agree that these should have been in the 300k range and I think most people I’ve discussed this with have concurred. I honestly can’t imagine what it must be like to have bought at peak for 605k. I would not walk. I would run!
For now, they holding on. They have State and Federal tax credit, so they can float. Banks don’t want to take it, so add a year of free living. Guess we’ll check back in another year and see how they’re doing.
Still curious to see what effect inflation will have. All I can say is there had better be wage inflation to go along w/that. Or maybe the banks will lend to dead people again. They are already slicing and dicing the FHA loan packages, so they’re up to their old tricks.
