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Politics : Welcome to Slider's Dugout

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To: JimisJim who wrote (8753)	3/26/2008 4:01:57 PM
From: jim_p	Read Replies (2) of 50673

My only example is buying a house in Houston in late 1983 in a very nice neighborhood. After watching home prices fall for about 3 years I was sure I was getting a good deal. I actually offered 25% less than the asking price and they accepted the offer with no counter bid. In 1986 you couldn’t give the house away at any price. I sold the house five years ago (25 years later) and broke even on the purchase price. It's hard for people to appreciate what we are about to go through unless you've lived through it before. The only difference is today the real estate problem is nationwide. The job market is better today, but we also have zero down no doc loans that make it a lot easier to walk away from. My best guess is we are about where we were in the SW in 1982 and the doom and gloom won't become reality for another four years. Jim

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