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

To: patron_anejo_por_favor who wrote (164755)	11/16/2008 1:36:42 PM
From: Pogeu Mahone	Respond to of 306849

lol Your getting foolish in your middle age.. 70% off the prior sales price. You know try the registry of deeds-s- Lets use my nephews condo as an example. I posted about here in real time over the last two years. He bought it for $350,000 in 2004 Payment $3100 a month Stopped mortgage payments in 2007 went to auction in 2008 His father in law bought it for $140,000 Payment $700 a month now... Of course do not buy at 70% off if that is the prevailing price in that market, but why do i have to explain this to you? ======================= 70% off isn't fair value in some markets. Besides 70% off of what? The fantasy peak market price, before the market imploded AND before the previous "owner" ripped out appliances, plumbing, copper wiring and took a dump in the kitchen sink for good measure? All yours......besides the first time buyers meanwhile have trouble getting a 20% down 30 year Fixed with a FICO of less than 700. So yes, they are still getting screwed, particularly since everyone in government seems to think falling residential prices are somehow the root of all evil.