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Old 05-15-2018, 08:07 AM
 
126 posts, read 41,254 times
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Yes! Many from the neighbors we used to live in and sold in 2016. You just never hear much about it.
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Old 05-15-2018, 08:07 AM
 
Location: Tennessee
20,956 posts, read 15,275,811 times
Reputation: 23727
Quote:
Originally Posted by LifeIsGood01 View Post
They are underwater with the potential to literally be under water if the dam breaks one day.

How Ironic would it be if in a few years on the day they are no longer underwater financially the damn breaks.
The downstream people would be underwater, not those on the lake

The problem in this specific case is that the lake has been down for so long that there are now trees, etc., in parts of the former lake bed. I'm sure there will be discussions on whether it is environmentally prudent to raise the lake back up to what used to be full pool once the work is complete. Who knows if property values will recover.
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Old 05-15-2018, 08:08 AM
 
126 posts, read 41,254 times
Reputation: 299
Quote:
Originally Posted by saibot View Post
We have neighbors who bought in 2006 or 2007 who were underwater for quite a while, but all the values are sky high again. This is in Southern California. Even the house that sold a little over a year ago in 2017, for what seemed to me a ridiculous price, has already appreciated considerably.
That really concerns me. The crazy fluctuations.
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Old 05-15-2018, 08:12 AM
 
Location: Tennessee
20,956 posts, read 15,275,811 times
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Quote:
Originally Posted by saibot View Post
We have neighbors who bought in 2006 or 2007 who were underwater for quite a while, but all the values are sky high again. This is in Southern California. Even the house that sold a little over a year ago in 2017, for what seemed to me a ridiculous price, has already appreciated considerably.
A lot of this in CA and other west coast areas is overseas money getting parked in unoccupied residential real estate.
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Old 05-15-2018, 08:19 AM
 
5,500 posts, read 3,355,263 times
Reputation: 13917
Quote:
Originally Posted by Serious Conversation View Post
A lot of this in CA and other west coast areas is overseas money getting parked in unoccupied residential real estate.
May be true--I suspect it is, in some of the newer developments in Irvine and Lake Forest, but there are no unoccupied homes in my (older) neighborhood.
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Old 05-15-2018, 12:07 PM
 
1,300 posts, read 2,472,601 times
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even with a 5% mortgage, after 11 years, you would have paid down 21% of your mortgage
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Old 05-15-2018, 02:08 PM
Status: "Will Fall ever arrive???" (set 18 days ago)
 
689 posts, read 618,180 times
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Default yes

Quote:
Originally Posted by mathjak107 View Post
the people who bought our house in pa in the poconos are still underwater
A rising tide lifts all boats

Last one up, first one down
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Old 05-15-2018, 02:14 PM
 
Location: Over yonder a piece
3,758 posts, read 4,293,189 times
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Quote:
Originally Posted by LifeIsGood01 View Post
That's true I didn't think of that at first, but then I did an online mortgage amortization calculation and he should have about $20 to $25K paid into it plus any down payment and be just about out of the hole and with prices increasing he should be in the clear soon although if he had to pay to sell he would lose with RE fees.
What if he put down a 30% down payment when he purchased it?
What if he paid an extra $100 per month towards the principal for 11 years?
What if he got a 15 year mortgage instead of a 30 year mortgage?

Basically, you cannot possibly know if he's underwater or not.
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Old 05-15-2018, 02:22 PM
 
Location: N of citrus, S of decent corn
34,538 posts, read 42,708,506 times
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I dont think we are still underwater, but it has taken about 7 years for me to be confidant. My son bought a new house in our town in about 2008, and m still not sure about his house.
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Old 05-15-2018, 02:52 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
Quote:
Originally Posted by Girl View Post
What if he put down a 30% down payment when he purchased it?
What if he paid an extra $100 per month towards the principal for 11 years?
What if he got a 15 year mortgage instead of a 30 year mortgage?

Basically, you cannot possibly know if he's underwater or not.
What if pigs had huge wings, could they fly?

I don't know, but it appears he may be. I never said I knew for sure and I would never ask him because I would not want to embarrass him.
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