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Politics : Welcome to Slider's Dugout
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To: jim_p who wrote (8757)3/26/2008 4:15:12 PM
From: JimisJim  Read Replies (2) of 50669
 
Agree that people don't know what it's like living in a home and making payments on it when it is worth 25% less than the mortgage value... the iWife desperately wanted to borrow the money then to get out of the house... I (rightly it appears) said all we had to do was wait and RE prices in San Diego would go back up eventually -- I had no idea we were about to see one of the biggest housing booms followed by another bust, but I knew that there would be a boom/bust cycle again eventually if we could wait long enough... I couldn't stand the idea of borrowing a lot of money just to sell a house and get out from under the mortgage.

I can't complain, though, because even down 20%, our house value is still double it's last peak price in '91 and almost 3 times more valuable than the last bust in '95.

However, local real estate pros are saying this bust will be worse than the early '90s bust in San Diego... we may lose another 5%-10% before it's all over, but will still be way ahead financially -- mostly because we never borrowed against the equity when things were booming, and kept paying the mortgage... and now, the mortgage is our only debt, period... no car loans, etc.

That may change in a year or so when the iDaughter packs off to college.

Jim
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