No not at all. I tried to warn him two years ago to get out and sell his houses. He had two houses....he would have made a fortune. Most people that have all this equity in properties don't want to believe that they can lose it all. They stick their heads in the sand and don't want to hear it.
How would you have saved him a fortune if he thinks they've gone up by 7%,not all of the States have experienced the same level of housing downturn so you can't compare Delaware to,say,Vegas. Here in Chicago prime property is holding firm.
I tell him to get out and to take his profit.....he's tons of debt about 100k worth. If he sold and took his profit he would be out of it....
To be honest I don't understand how anything can be going up.... Who can afford any of this crap. It's a joke really
Southwest Florida is another example. The market in Florida is real bad, like for example Fort Myers. However, just a few miles away on Sanibel and Captiva Islands houses are still going for over a million including the highest ever closed price on a home in Lee County, FL at 14.1 million on Captiva. Depends on where it is. People with money still are paying cash for the best properties.
This is what I'm talking about....people are crazy they think their properties aren't declining you claim Chicago is "holding tight" It's down more than 8% http://money.cnn.com/2008/04/29/real_estate/housing_price_fall_deepens/index.htm?ref=patrick.net It's like my friend he thinks his place is up 7%....you gotta wake up and smell the coffee It's so funny my parents built a house down the beach in Delaware. They built it for 170k seven years ago lot included. It was appraised two years ago for 400k. They just had it appraised last week for 250k. Their neighbor is trying to sell his house for 400k....he's in denial of his house crashing.
Just what I thought. Another poster predicting further housing market meltdown. Who obviously owns nothing. And can't afford to buy anything.