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

To: John Vosilla who wrote (278531)	9/24/2010 10:46:38 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

Better yet, if he bought at 250K and it's now worth 150K he can buy another house at 4.5% for a 30 year fixed and jingle mail the first one right after closing if it's a non-recourse loan. Whatta country!

To: John Vosilla who wrote (278531)	9/26/2010 2:16:02 PM
From: tejek	Read Replies (1) \| Respond to of 306849

Time heals wounds and this will all be over in a couple of more years as only those in a stronger position to continue to ride this out will be left to negotiate with or foreclose on from the bubble years of 2003-07. Interest rates are quite low and anyone who took out a fixed rate 15 year mortgage in 2004 has already payed down 30% of his principle. So the house he bought for $250k with little down that went up to $325k and is now worth $150k he might only owe $150-170k on today. If life is the still the same, the family still enjoys the house and he has made the payments why not stick around the remaining nine years? And in nine years it could well be worth $300K once more.