Harveston down the drain

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Author]

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