And in many areas they'd still be correct. I'm sure there are pockets of activity, yet I still see high end properties sitting 2+ years after they were first listed. Every few months they knock another chunk off the listing price with no takers. It's clear the government has been opening the floodgates for the lower end of the market and properties seem to be flying around again. I still see nothing sustainable in this scenario. Neither the demographics nor future economic prospects warrant any sort of return to 03-07. IMO.
Think about something: you buy a house that you can actually afford, remodel most of the house (50K) worth make your payments on time and then your work takes a shit....and you can't pay as much as you could have....you try to do the right thing and the first possible offers are 50K below what you;ve paid for the home....You can't find a bank that will refi, Obama's sponsored refi won't touch your loan, mind you the bank got the bailout money and is supposed to help homeowners in distress and yet nothing....nope...sorry our computer model says you don't qualify... Guess what, I paid 370K for a house 4 years ago. I refinanced once, and I still owe 360K on the thing. I haven't made a payment in six months, because I don't have the money, and honestly even if i had it I would be trying to find a way out of this.... You'd think, I spent 175K on the pos so far, and the bank kept most of it - how the fuck is that a fair deal? Once I get foreclosed I'm going back to rent, and the only way I can get back into a house is cash only. This is organized theft if you think about it - if you stay in your house paying 3 years the bank has virtually no risk and you still owe 95% of the balance - fuck them all.
It is organized theft! Although you went in at a high price, at least you made the honorable thing of trying to make a payment. A lot of scum don't even bother, and those are the ones that buy multiple properties, max out their credit card then default. Basically a pump and dump. Who picks up the tab, oh everybody else. Banks and their sub-primes ideas~ thats another fucking story, but just as shitty