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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (11767)7/25/2003 1:45:44 PM
From: J. P.Read Replies (3) of 306849
 
Well, if you're sitting on a house that you paid 200K for and is now worth a million, there is no issue. You have a nice house and a nice profit, end of story. No worry, think about something else.

<<I need a home and there is no future in renting one. I believe the majority of recent homebuyers are thinking the same thing. >>

If this were normal times where houses appreciated their 2-4 percent a year as WAS the norm, I wouldn't be on this chat board, and wouldn't put another moments thought into it. The whole point of this board is that houses have been run up 20% and more per year for about 4-5 years now. This is unprecedented. We may be set up where a new buyer now stands a chance for getting clobbered for the downpayment and then some in short order. What's the point of jumping into that situation with both eyes open. A renter stands no such risk.

But if houses stabilize here and then grow normally, I will ditto everything you've said to this point, and should have heeded your advice. Up until now prices have continued to climb, and you have been absolutely right, and I have been wrong. But bond yields have jumped in an extraordinary fashion and we shall see what the future brings.
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