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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (5218)	9/11/2002 3:35:09 PM
From: y2kate	Read Replies (3) \| Respond to of 306849

Mulholland, You're well situated up there on Mulholland Drive- that's a pretty fancy address! <g/ng> re: "...a bird in the hand..." True. And no- I wouldn't pay 800K for this house, as fond as I am of it. 3 bedrooms, one bath, charming 20's era Spanish architecture...with 10% down, the monthly payment on the balance would be around or under $5k a month at current interest rates. That makes it seem somewhat more affordable, but that's still a lot of money. The house is definitely overvalued at present IMO. But that's what I thought last year when comps were going for $650k, and the year before, when they were going for $500k..yes, I realize it has to end somewhere! I'm curious as to how many people here have actually sold their primary residence- their home- in anticipation of the event implied by the thread header? Or are other considerations-emotional, personal- outweighing the economic- even among such a well-informed group?

To: MulhollandDrive who wrote (5218)	9/11/2002 3:47:52 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

A friend, who is a Realtor with a residential brokerage in Beverly Hills, told me they discussed the rise in mortgage defaults at their most recent sales meeting. Almost half of the agents in the office had recently dealt with at least one escrow where *the Seller's home was worth less than the mortgages and the Seller did not know it* until they received the closing escrow statement**. On closing the Sellers had to write a check. It's clear a lot of people have taken on far more debt than they realize. I think it's also very clear foreclosures will continue to rise.