Quote:
Originally Posted by younglisa7
I can't tell you for sure with your house. But many houses that were purchased in the last 3 years are worth less than the purchase price. Where have you been? We sold a house 3 years ago for $590k and now it is being sold for $320k. And prices are still falling in a lot of areas.
Why do you think people are foreclosing and walking away from mortgages? They can't keep paying into a house that isn't worth it.
Lisa
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Many homes are worth less? A lot of areas? Can you define those for us?
Most (more than half) of the country is doing just fine and are at least steady if not appreciating. While anecdotal evidence certainly has value, it shouldn't be used to define real estate of an entire country.
People are walking away from mortgages because they made poor decisions when buying and aren't responsible enough to own up to the commitment they made(with the exceptions that have true hardship cases-normally medical issues).
Amid the doom and gloom I'll mention only 2.9% of all the homes being sold are foreclosures. That means that 97.1% of all homes sold are not foreclosures. Maybe I'm nitpicking but I don't think "a lot" and "many" are accurate terms when used in the previous context.
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