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Historic NY

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6. My home was valued at 295k in 08 a similar one just sold for 162k......

Mon Jan 9, 2012, 11:55 AM

Jan 2012

Thankfully I owe only a small amount on my revolving fund home equity around me I have 4 vacant homes. The bank has repaired one and its being rented out. A similar home in very poor condition was sold for 50k, it was completely gutted and just resold for 169k. The fomer owners has literally turned the 2 bdrm. house and property into a dump. My neighbors bought a very simlar house as mine for 305k with pool....spent a fortune so far in updates. This will be a second tiime an owner there is underwater.

There is a ready marketing campaign geared towards empty nesters and seniors, some are getting picked clean thinking downsizing is going to be cheaper. Building or buying that retirement home today is quite expensive especially if your relying on the equity in your old property.

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As home prices fall, more borrowers walk away [View all] Huey P. Long Jan 2012 OP

The sunshine pumpers and rectal smoke blowers will ignore this reality. -eom Huey P. Long Jan 2012 #1

This message was self-deleted by its author LaurenG Jan 2012 #2

To just sit by for that long is stupid, imo. 'They' are being allowed to get away with Huey P. Long Jan 2012 #5

This message was self-deleted by its author LaurenG Jan 2012 #8

Well, everyones situation is different. If you are happy, stay. Huey P. Long Jan 2012 #10

11 years is not so long. Lance_Boyle Jan 2012 #9

Chaining yourself to a losing burden when you have another option is, at this point, foolish. -eom Huey P. Long Jan 2012 #28

As long as you have assets beside your home, walking away is not much of a problem. nt Snake Alchemist Jan 2012 #3

I would think finding a new home sufrommich Jan 2012 #13

If you have cash or assets you can sell, then credit is of no consequence. nt Snake Alchemist Jan 2012 #14

If you have cash or assets enough that credit sufrommich Jan 2012 #15

Business decision. Snake Alchemist Jan 2012 #17

nonsense! If you are in such a position, this is EXACLTY every bit of 'your business' walking away. Huey P. Long Jan 2012 #23

"Efficient breach" is a basic concept in contract law. nt Romulox Jan 2012 #25

Great term! /nt Bragi Jan 2012 #71

That was the whole point of the article Bragi Jan 2012 #72

What some have done is buy or rent before they walk away. Gormy Cuss Jan 2012 #52

Depends on the state and your situation. JDPriestly Jan 2012 #58

A house with underwater mortgage is not an asset, it is a liability. Fool Count Jan 2012 #64

Prices HAVE to be adjusted down, somehow. Think of it from a prospective buyer's perspective Romulox Jan 2012 #4

Thats why just walking away is the answer. Huey P. Long Jan 2012 #7

It seems to me that the gov't has a responsibility of helping transition to new, lower valuations Romulox Jan 2012 #11

I didn't buy in the "bubble" and didn't over-extend so I don't want anybody snooper2 Jan 2012 #20

"Mama may have. Papa may have. But god bless the child that's got his own." Romulox Jan 2012 #21

There is no such thing as god but your poem is cute snooper2 Jan 2012 #40

"My" poem? Culturally illiterate much? Romulox Jan 2012 #41

No, I just wasn't born in 1940 LOL snooper2 Jan 2012 #42

Is being born in 1940 a basis to be mocked? Romulox Jan 2012 #43

you took the bait lol snooper2 Jan 2012 #46

Nope. I googled your crap first (internutz, lol!) and ignored it. There's an objective difference Romulox Jan 2012 #50

Tell that to my daughter LOL snooper2 Jan 2012 #54

... leftstreet Jan 2012 #62

I laugh at this. Your home will have a lower valuation regardless of what you 'want'. Watch.- oem Huey P. Long Jan 2012 #26

If values are falling across the board MattBaggins Jan 2012 #74

Sometimes. Snake Alchemist Jan 2012 #12

well, home prices steadily appreciated for the entire 20th century...at about 5% annually..until now xiamiam Jan 2012 #60

Huey P. Long, please permit me to respectfully disagree with what you stated. ms.smiler Jan 2012 #55

It does not matter if homeowner "has more money in the property than the bankers". Fool Count Jan 2012 #65

Fool Count, oh I�m sorry; those words sent you off in the wrong direction. ms.smiler Jan 2012 #69

People bought in the bubble thinking prices/value just go up 30% a year forever snooper2 Jan 2012 #18

Did you respond to me by mistake? None of your post relates to my post, to which you respond. nt Romulox Jan 2012 #27

Haha, prepare to take a hit! You are next. It will then be time to laugh at yourself! -eom Huey P. Long Jan 2012 #32

Bought my house for 370,000 10 years ago... trumad Jan 2012 #47

So values have fallen over 30% of (pre-bubble) values? snooper2 Jan 2012 #49

During the bubble the house was appraised at 610,000 trumad Jan 2012 #51

that's just nuts... snooper2 Jan 2012 #57

Well a couple of factors... trumad Jan 2012 #59

In Los Angeles (near Ladera Heights), some of the 2 BR units in our building coalition_unwilling Jan 2012 #61

I wish I had sold in 2007 quaker bill Jan 2012 #68

They have fallen alot in central FL quaker bill Jan 2012 #67

Depends on what you think will happen in the time MineralMan Jan 2012 #70

My home was valued at 295k in 08 a similar one just sold for 162k...... Historic NY Jan 2012 #6

I believe he has the same stove I do :) snooper2 Jan 2012 #16

A font of compassion. nt Romulox Jan 2012 #22

I'm sorry, from now on every post will be 100% deathly serious and to the point... snooper2 Jan 2012 #53

The banks would love to guilt-trip people into thinking there is some kind of moral issue here, Nye Bevan Jan 2012 #19

Exactly. -eom Huey P. Long Jan 2012 #24

Completely, absolutely agree. closeupready Jan 2012 #44

You're right. Delphinus Jan 2012 #75

Unenlightened homeowners will walk away while enlightened homeowners will file a Quiet Title suit. ms.smiler Jan 2012 #29

Good post. -eom Huey P. Long Jan 2012 #30

I don't understand why anybody would pay on a mortgage... Bigmack Jan 2012 #33

And you won't. They are being allowed to get away with all this, and we/us are going to pay for it Huey P. Long Jan 2012 #35

In some respects, yup. Better to preserve unfair inequality than to level the playing field justly. closeupready Jan 2012 #45

DEFICIENCY STATE? One question to consider is whether or not your state is a "Deficiency" state. cyberpj Jan 2012 #31

What ever happened to PMI-Private Mortage Insurance CanonRay Jan 2012 #34

Good question. You would think that. I do not know, but suspect they are being protected as well. Huey P. Long Jan 2012 #36

PMI (the company) is indeed going under. nt Dreamer Tatum Jan 2012 #38

CanonRay, the PMI is actually one of many occasions the banksters collect upon the loan. ms.smiler Jan 2012 #39

Good post, thanks and good luck with the lawsuit. CanonRay Jan 2012 #48

kick Liberal_in_LA Jan 2012 #37

This message was self-deleted by its author Mosby Jan 2012 #56

and is the previous homeowner or builder whistler162 Jan 2012 #66

The 2006 peak was a market fabrication, they were never worth that much. joshcryer Jan 2012 #63

This guy is not contemplating walking away Yo_Mama Jan 2012 #73