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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ramsey Su who wrote (34875)6/11/2003 8:34:49 AM
From: John Carragher  Read Replies (1) of 74559
 
got caught up in real estate bubble in early 80's... bought a house in LA on a promissory note.. guy ran down to San Diego with my note and bought a house with it... That guy moved to Chicago and bought a house with my note... Six months later my job was eliminated , couldn't sell my house, home equity dropped my value by 25% of cost six months earlier and the company picked up the house... I was one of 1200 employees who lost their shirts and the company was holding payments on 1200 houses. They turned around and dropped the prices almost another 25% and sold them all off.
I remember a bunch of young sales folks buying condos along the shore line in Boston.. Everyone of them lost their shirt. It will be a sad day as we go through it once again.
I see these people locked into 30 year mortgages at very low rates and then rates increasing.. and housing dropping as folks will not be able to buy the houses with higher rates and the current mortgages have policies that can not be passed on to new buyer.. They will end up losing big time in the house they purchased thinking they only had to worry about monthly payments and not devaluation. Wonder how many will walk away if housing prices come down big time.
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