depend on where you live, still going up in this area http://www.trulia.com/real_estate/Fairfax_Station-Virginia/
It just goes to show you how much of a joke real estate turned into. A lot of people will lose a lot of profit not to mention their homes. It's ashame really....stupid FED. All thanks to Greenspan
What the hell is wrong with you dude? I mean seriously, what are you missing as a person? So real estate is in the crapper and some people will lose some equity while others will lose their houses. Big F'ing deal! Who cares? Why are you so angry over other peoples situations? We're traders here. We take advantage of people everyday if we're any good. The people who get hurt were going to get hurt no matter what because their freaking idiots. A guy who made a downpayment and locked in a 15 or 30 year fixed rate on a house is fine. His loss is temporary and in the meantime he has a nice place to call home. The guy who bought a house he couldn't afford pays the price for being stupid. Happens everyday. No great revelation. You sound like a young kid who's just awoken to the fact that most people are morons and do stupid shit. But there's no need to hyperventilate over it. Oh, and get it through your thick head that people can and will do whatever they want without your consent. If you can't deal with that your going to continue being very unhappy with the world. So I'm glad you've figured out that housing is tanking and the world isn't perfect. Now thats done would you please just STFU and deal with it.
So what's the point you're trying to make. Sounds like a bunch of gibberish to me. The point I'm trying to make is I'm tired of people talking shit about how their houses haven't depreciated.... I hope real estate tanks 70% on a national level....that's the perfect time to buy. With inflation brewing the way that it is you may see that. The fed is going to have to drastically raise rates to curb the inflation greenspan created when that dumb ass lowered the discount rate to 1% and left it there for two years. In a couple of years you will see huge increases in interest rates.....blowing people out of the water all the more. and you know what I say GOOD fuck all of these people that had to buy the ultra expensive house they couldn't afford....live and learn.
Then tell us again how your parents "lost" anything? And if your friend had taken your advice and sold his house, then what? He could have bought another house that also would have lost value, or he could be renting right now. Right now, he could be potentially locked out of buying another house and/or his rents are rising while his paycheck is not? As long as he doesn't sell, he hasn't lost anything. But if he did sell, he'd lose something...freedom. Freedom to modify his house as he sees fit. SM
Look at the comps in his neighborhood for the past 3 months. Zillow is crappy for it's estimation, but sales are a matter of public record, so those are accurate.
As if Greenspan forced folks into buying more home than they could afford. The unregulated mortage industry and ignorant buyers were to blame.
Always amusing to see someone indulge in a touch of schadenfreude. The thing is it's usually the deadbeats that do so,the ones that couldn't afford anything on the way up and now to compensate for being such a dismal failure in their own pathetic existence are ecstatic that they couldn't afford anything and act in a self-congratulatory manner at other's expense.