What is the logic here?

[Diego Mamani]

“I can’t believe that anyone ever paid 350 for one of those units!”

Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?

If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).

A free option!

[Wickedheart]

Yikes, did you see the HOA on that place? It’s $188 a month. I can’t believe anyone paid $350k for a unit like that one. It looks more like a really bad apartment than a condo. And yeah it is hard to believe that it is actually worse than the photos.

[Wickedheart]

Yikes, did you see the HOA on that place? It’s $188 a month. I can’t believe anyone paid $350k for a unit like that one. It looks more like a really bad apartment than a condo. And yeah it is hard to believe that it is actually worse than the photos.

[Wickedheart]

Yikes, did you see the HOA on that place? It’s $188 a month. I can’t believe anyone paid $350k for a unit like that one. It looks more like a really bad apartment than a condo. And yeah it is hard to believe that it is actually worse than the photos.

[Wickedheart]

Yikes, did you see the HOA on that place? It’s $188 a month. I can’t believe anyone paid $350k for a unit like that one. It looks more like a really bad apartment than a condo. And yeah it is hard to believe that it is actually worse than the photos.

[Wickedheart]

Yikes, did you see the HOA on that place? It’s $188 a month. I can’t believe anyone paid $350k for a unit like that one. It looks more like a really bad apartment than a condo. And yeah it is hard to believe that it is actually worse than the photos.

[JC]

Diego – I actually would not have purchased that place with the bank’s money. I like my excellent credit and I can’t imagine just walking away, so I’m just a bitter renter sitting on the sidelines. 🙂

I do get your point and I’m hopeful that regular people who have been financially responsible will be able to buy a place to live in San Diego sometime soon.

[JC]

Diego – I actually would not have purchased that place with the bank’s money. I like my excellent credit and I can’t imagine just walking away, so I’m just a bitter renter sitting on the sidelines. 🙂

I do get your point and I’m hopeful that regular people who have been financially responsible will be able to buy a place to live in San Diego sometime soon.

[JC]

Diego – I actually would not have purchased that place with the bank’s money. I like my excellent credit and I can’t imagine just walking away, so I’m just a bitter renter sitting on the sidelines. 🙂

I do get your point and I’m hopeful that regular people who have been financially responsible will be able to buy a place to live in San Diego sometime soon.

[JC]

Diego – I actually would not have purchased that place with the bank’s money. I like my excellent credit and I can’t imagine just walking away, so I’m just a bitter renter sitting on the sidelines. 🙂

I do get your point and I’m hopeful that regular people who have been financially responsible will be able to buy a place to live in San Diego sometime soon.

[JC]

Diego – I actually would not have purchased that place with the bank’s money. I like my excellent credit and I can’t imagine just walking away, so I’m just a bitter renter sitting on the sidelines. 🙂

I do get your point and I’m hopeful that regular people who have been financially responsible will be able to buy a place to live in San Diego sometime soon.

[Author]

Posts