Quote:
Originally Posted by Jims5543
....I can only say this for sure, the foreclosure situation right now makes 1 year ago look good. I suspect I will say the same in 1 year from now looking back. This mess is far from over.
|
Fortunately, everyplace is not like a Fl (and a few other housing bubble states) imo. About the time I purchased my first house, a couple of old friends of mine in Jax. Fl did the same, but they didn't buy nearly the same amount of house and paid a fraction of what I did (we're not talking McMansions here, just basic houses). Over the next 10-12 years, their homes which were originally say 40% of mine shot up in value to be equal (or slightly greater) than what mine (showing modest, traditional appreciation) was valued at. I was VERY happy for them, but knew it was not sustainable. Your prices and charts are showing what happened when the "bubble burst"...imo, the big picture is to view what that same house was worth say back in 1993. The point is (and I know folks in CA will have trouble swallowing this), but that NEVER was a $225K house in the first place imo. Just my .005 cents worth...