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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?


To: JDN who wrote (132689)8/15/2005 4:43:41 PM
From: Ish  Read Replies (1) | Respond to of 793931
 
<<Thus, I would expect at worse a levelling off and stagnation of home prices for a period of years rather then a steep drop.>>

I had a friend who moved from here to Decatur, Illinois, 40 miles south. He bought a home in an older neighborhood that had been fixed up very nice and the bank had a $96k mortgage on it. He bought it for $13k cash. The tire factory closed several years ago and about 1/3 of the families moved out. Lots of empty homes and no buyers.