Posted on 05/16/2005 6:44:19 PM PDT by LouAvul
On another site a guy mentioned that the homes in his area were 165K 8-10 years ago and are now $700K. This is unbeleievable.
All it takes is a group of homeowners thinking the price is going to come down and put their homes on the market. Everyone else will follow and it will be like a run on the bank.
It does not matter if you have a fixed mortgage or not. If you paid $700k for your house and 2 years later it's worth 450K How do you get out of that one???
Rick
The problem that I have with your statement is who are the people that are going to be able to afford property tax on a home that increases 69% in 3 years.
Also wages have not been going up fast enough for many people to buy a 400k house...especially new ariving immigrants
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