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Most of the homeowners I know personally are underwater
Two of them are really worried about their ARM expiring next year. Zillow says their properties are both around 45% below their purchase price. No big deal if they planning on staying there long term, right? Except one couple had planned to keep buying up and eventually having enough equity to scale down and move to a townhouse paid in full. I never could work out their financial plan in my head. I guess I know why now - it doesn't compute! They are in a panic.
Still I feel bad for them. They just got caught up in the real estate feeding frenzy. Good thing they aren't near retirement yet.
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