Anyone wants to share real stories ? I keep hearing people in the San Francisco Bay Area saying it's not so bad.
Sure I have some time to kill. My friend bought a house in Ft. Lauderdale knowing the market was peaking because his wife really wanted this house so bad for about 600k I believe. Now it's valued at 460 ish!:eek: BTW that was 14 months later. I am glad my wife is pragmatic like me.
My wife is "house hungry", and we live in an area of Denver, Colorado, which has not declined in value. I'm trying like HELL to keep her at bay until the general housing decline hits here... but it's taxing. The last thing I want is to pay up just before a significant decline...
I bought my first house in 1988 for $60,000 and its worth $600,000 now. That was such a horrible ride I can't tell you how tickled I am.
Great speculative move. You should buy a canvas tent and dig moat around it, plant some food in cannisters and call it a home. Light some candles and get a propane tank. You ain't gonna buy anything now if you donot have a 10% down payment and 700 plus fico scores and verified income. Good Luck
If you adjusted it for real inflation, you wouldn't feel all that proud. When I first considered buying a Toyota Land Cruiser, it cost $2,795. Now, $56K... that's all inflation... money pump (currency debasement) by the "guardians of the realm"...
IF you hold that house till this cycle completes when these morons come back to their senses that house would be worth $800,000 and you can than sell into a stong market. You are not pragmatic. You don't have a roof of your own. You donot have shelter from Fed and state taxes, you have nothing to show, excpet those clothes on your back and a car that you drive