Sunday, January 22, 2006

Poof!

A -25% drop in value of houses overnight. It's not relevant for Marin, but I thought I'd share it anyway. If I was a recent buyer of these houses and had a realtor telling me how "housing never goes down", "they aren't making any more land", "everyone wants to live here", and I was convinced that an "exotic" loan was ok because of these reasons, I'd be really pissed but ultimately I would only have myself to blame.

4 Comments:

Blogger Lander said...

OK, not -25%, but this guy just lost $50,000 in San Joaquin County.

Jan 22, 2006, 8:04:00 PM  
Blogger Marinite said...

I've added a link to your Sacramento Land(ing) site. Keep it up. I would have emailed you but I failed to find an email link.

Jan 23, 2006, 12:08:00 AM  
Anonymous Anonymous said...

ahhh eventualy the panic begins...
As these stories start to hit the press the tide will turn. surfs up!

Jan 23, 2006, 12:24:00 AM  
Anonymous Anonymous said...

Object lesson for buyers of new developments to include a Most Favored Nation (MFN) clause in the purchase agreement. If anyone is unfamiliar, the MFN states that if a later buyer gets a discount, I get a rebate equal to the difference in price.

Jan 23, 2006, 7:40:00 AM  

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