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Old 06-10-2012, 01:20 PM
 
Location: Sacramento
13,755 posts, read 23,220,542 times
Reputation: 6092

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Current home in the Sacramento metro area is down about $400 K since I bought it.
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Old 06-10-2012, 01:24 PM
 
3,634 posts, read 9,234,127 times
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All you have to do is look at Sacramento Area Flippers In Trouble to see the status of some markets. The stories are amazing.

Those of us in the Midwest really never saw the dramatic CA upswing in prices so our losses are less but still meaningful to us.
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Old 06-10-2012, 01:27 PM
 
Location: Sacramento
13,755 posts, read 23,220,542 times
Reputation: 6092
Quote:
Originally Posted by sweetana3 View Post
All you have to do is look at Sacramento Area Flippers In Trouble to see the status of some markets. The stories are amazing.

Those of us in the Midwest really never saw the dramatic CA upswing in prices so our losses are less but still meaningful to us.
I know, I moved to Sacramento from Ohio about 6 years ago. The prices in Ohio generally went up about 2% a year, and even that didn't always happen.

The home I bought in metro Columbus in 2001 still goes for about the same price I had paid for the home.
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Old 06-10-2012, 01:34 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,136,339 times
Reputation: 5685
We bought two almost at the peak and paid cash. One is way under water and the other is about 30% down. But....we have not lost a penny because we have not sold them. We have two other, smaller, not so grand places that have equity now. So we wait.......
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Old 06-10-2012, 02:01 PM
 
3,576 posts, read 5,904,462 times
Reputation: 1431
Well I've already taken a $137k loss on my first property I sold in 2009 (brought in 2005).

Now I may be entertaining another job and if I sell my house I purchased after the peak in 2009 in Florida. I may be looking at min 110k loss maybe up to another $140k hit depending how quickly i want to unload the property. No relocation package for me. I can at least rent out this house and maybe make a little bit of money but really do not trust Florida renters even in higher income gated community.

So looking at potentially $250k losses. It hurts and I am only in my mid 30s. Thank god I make a good living but housing losses hurt people like me the most. Cause I have enough income to sell and move on. But can't screw the banks cause I am responsible and have liquid assets an not under water cause I put sizable down payments.

My brother up in Maryland took a $300k loss on his home in 2011. But at least he made $300k profit selling his previous house in 2005. I never made any money on housing.
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Old 06-10-2012, 03:50 PM
 
Location: Bay Area
1,508 posts, read 2,172,209 times
Reputation: 760
Quote:
Originally Posted by NewToCA View Post
Current home in the Sacramento metro area is down about $400 K since I bought it.
oh no! i'm sorry. it must be a pretty nice house at least. i hope.

Quote:
Originally Posted by jghorton View Post
Sorry. HELOC - Home Equity Line of Credit
thanks!

Quote:
Originally Posted by aneftp View Post
Well I've already taken a $137k loss on my first property I sold in 2009 (brought in 2005).

Now I may be entertaining another job and if I sell my house I purchased after the peak in 2009 in Florida. I may be looking at min 110k loss maybe up to another $140k hit depending how quickly i want to unload the property. No relocation package for me. I can at least rent out this house and maybe make a little bit of money but really do not trust Florida renters even in higher income gated community.

So looking at potentially $250k losses. It hurts and I am only in my mid 30s. Thank god I make a good living but housing losses hurt people like me the most. Cause I have enough income to sell and move on. But can't screw the banks cause I am responsible and have liquid assets an not under water cause I put sizable down payments.

My brother up in Maryland took a $300k loss on his home in 2011. But at least he made $300k profit selling his previous house in 2005. I never made any money on housing.
i have made some money on housing. actually, the only money i ever made WAS on housing. but now that it's all gone, at my age (almost 55), it's probably too late to ever recover. i feel for you still, though.
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Old 06-11-2012, 11:50 AM
 
Location: The Jar
20,071 posts, read 13,751,682 times
Reputation: 36712
Quote:
Originally Posted by accufitgolf View Post
Fortunately I have never lost money. I once did pay $200K in 2002, same house type, same meighborhood climbed to about $380K in 2008, and I sold at $280K in 2011 yet some paid $380K in 2008.

Been an increase there this past year. The $280 in 2011 is about $300K now.
Can you perhaps rub off on me, or purchase my next home for me?
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Old 06-11-2012, 02:15 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,535,708 times
Reputation: 6356
Bought 2 parcels to subdivide in 2005. Had a 50/50 partner. We paid cash for our half, he financed his half. He defaulted and we had to come up with a new loan on one and now have his former private lender as a partner in the other one.

Meanwhile the county decided that one of the parcels can't be split into 3 parcels only 2 and the other one can be split into 3 instead of 4. First parcel bought for 113K (our half) second one for $115K (our half) county now assesses first one at $79K total and the second one at $110K So about 90K of value for our $228K invesstment (Oh and plus the payments we are making on the first parcel).

I love real estate!
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Old 06-12-2012, 09:48 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,298 posts, read 17,505,128 times
Reputation: 22127
The ones who LOST MONEY are the people who bought houses for cash or paid the mortgages off, then HAD to sell the houses for less than they originally paid for them.

As painful as a foreclosure or short sale is, you "only" LOST your down payment. The mortgage payments you made while you were living in the house? Consider them rent payments with the ability to deduct them on your tax return.
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Old 06-12-2012, 10:51 AM
 
Location: Bay Area
1,508 posts, read 2,172,209 times
Reputation: 760
Quote:
Originally Posted by Jkgourmet View Post
The ones who LOST MONEY are the people who bought houses for cash or paid the mortgages off, then HAD to sell the houses for less than they originally paid for them.

As painful as a foreclosure or short sale is, you "only" LOST your down payment. The mortgage payments you made while you were living in the house? Consider them rent payments with the ability to deduct them on your tax return.
and your point is????
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