Re: OT Friggin' economy!!!



over $20k less than the loans on it...
They rented it out and are "writing off" a loss of about $600 a month..
mac
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mac davis wrote:

Anyone who bought a home in 2005 is probably upside down on it now. During that time houses in many areas were highly inflated. Several homes similar to mine sold in 2005 for $310K which was up considerably from 2004 when they went for $260K. This year its closer to $250K but has held steady.
To me houses are priced about where they should be. 2005 saw incredibly over inflated prices which could not be sustained.
I paid $90K for my house in 1992. I can't complain.
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I looked at a house last year (2006) that was on the 2005 tax rolls @ $217,000 but the asking price was $359,000.00, it was an estate deal, husband had died and the widow was moving away. I thought the asking price was nuts and didn't bother to make an offer. It was probably worth somewhere in the middle of the two numbers but it was a 1973 model and needed some updates and repairs, the $10,000 allowance for carpet and paint she was offering would have been a nice start. I'm REALLY glad now we passed on it.
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Yep.. my wife paid about $70k in the mid 80's..
mac
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