Disappearing now: $6 trillion in housing wealth

[Diego Mamani]

Desmond,

I pity your mom. I have a friend at work who bought in mid 2005 against my advice. He paid $900K and put 20% down. Now he wants to sell due to a job change, but he’s delusional. He has lowered his wishing price to $800K but even better houses than his are selling in the low $700s. So, the house now sits empty. With HOA, property tax, insurance, etc., his monthly expense is close to $5,000 (pre-tax).

He listed the house as a rental for $3500 but no one wants it. He has lowered his wishing rent to $3300, and I heard that another co-worker has offered him $3000.

Bitter owners, throwing money away on mortgage payments! This guy has lost more than his $180K down payment, and will probably lose more over the next 18-24 months. Of course, I never say “I told you so.”

[patientlywaiting]

Submitted by desmond on April 30, 2008 – 11:43am.

Please tell this to my mom whom I advised not to buy in 2005. She has not spoken to me since.

——-

She was building-up your inheritance, you ingrate son!

In all seriousness, she’s mad at you for giving her the correct advise? That’s why I keep my mouth shut. It’s always a lose-lose proposition to give advice.

But you’d think that it’s OK to be frank to close family and friends.

[patientlywaiting]

Submitted by desmond on April 30, 2008 – 11:43am.

Please tell this to my mom whom I advised not to buy in 2005. She has not spoken to me since.

——-

She was building-up your inheritance, you ingrate son!

In all seriousness, she’s mad at you for giving her the correct advise? That’s why I keep my mouth shut. It’s always a lose-lose proposition to give advice.

But you’d think that it’s OK to be frank to close family and friends.

[patientlywaiting]

Submitted by desmond on April 30, 2008 – 11:43am.

Please tell this to my mom whom I advised not to buy in 2005. She has not spoken to me since.

——-

She was building-up your inheritance, you ingrate son!

In all seriousness, she’s mad at you for giving her the correct advise? That’s why I keep my mouth shut. It’s always a lose-lose proposition to give advice.

But you’d think that it’s OK to be frank to close family and friends.

[patientlywaiting]

Submitted by desmond on April 30, 2008 – 11:43am.

Please tell this to my mom whom I advised not to buy in 2005. She has not spoken to me since.

——-

She was building-up your inheritance, you ingrate son!

In all seriousness, she’s mad at you for giving her the correct advise? That’s why I keep my mouth shut. It’s always a lose-lose proposition to give advice.

But you’d think that it’s OK to be frank to close family and friends.

[patientlywaiting]

Submitted by desmond on April 30, 2008 – 11:43am.

Please tell this to my mom whom I advised not to buy in 2005. She has not spoken to me since.

——-

She was building-up your inheritance, you ingrate son!

In all seriousness, she’s mad at you for giving her the correct advise? That’s why I keep my mouth shut. It’s always a lose-lose proposition to give advice.

But you’d think that it’s OK to be frank to close family and friends.

[desmond]

But you’d think that it’s OK to be frank to close family and friends.

You would think. The worse part is that she bought my brothers house! I will never forget what he said when I told him to sell to somebody else let mom cashout on her sale and rent. “I am giving her the 2004 price” This is the mindset, she is mad at me and not my brother! btw it was a condo in Escondido.

[desmond]

But you’d think that it’s OK to be frank to close family and friends.

You would think. The worse part is that she bought my brothers house! I will never forget what he said when I told him to sell to somebody else let mom cashout on her sale and rent. “I am giving her the 2004 price” This is the mindset, she is mad at me and not my brother! btw it was a condo in Escondido.

[desmond]

But you’d think that it’s OK to be frank to close family and friends.

You would think. The worse part is that she bought my brothers house! I will never forget what he said when I told him to sell to somebody else let mom cashout on her sale and rent. “I am giving her the 2004 price” This is the mindset, she is mad at me and not my brother! btw it was a condo in Escondido.

[desmond]

But you’d think that it’s OK to be frank to close family and friends.

You would think. The worse part is that she bought my brothers house! I will never forget what he said when I told him to sell to somebody else let mom cashout on her sale and rent. “I am giving her the 2004 price” This is the mindset, she is mad at me and not my brother! btw it was a condo in Escondido.

[desmond]

But you’d think that it’s OK to be frank to close family and friends.

You would think. The worse part is that she bought my brothers house! I will never forget what he said when I told him to sell to somebody else let mom cashout on her sale and rent. “I am giving her the 2004 price” This is the mindset, she is mad at me and not my brother! btw it was a condo in Escondido.

[kev374]

this is a joke, most people have already spent their home equity wealth!

those that haven’t well, it was a bubble, it wasn’t their wealth unless they materialized it by selling. It was all on paper!

[kev374]

this is a joke, most people have already spent their home equity wealth!

those that haven’t well, it was a bubble, it wasn’t their wealth unless they materialized it by selling. It was all on paper!

[kev374]

this is a joke, most people have already spent their home equity wealth!

those that haven’t well, it was a bubble, it wasn’t their wealth unless they materialized it by selling. It was all on paper!

[kev374]

this is a joke, most people have already spent their home equity wealth!

those that haven’t well, it was a bubble, it wasn’t their wealth unless they materialized it by selling. It was all on paper!

[Author]

Posts