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.
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.
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4 comments:
OK, not -25%, but this guy just lost $50,000 in San Joaquin County.
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.
ahhh eventualy the panic begins...
As these stories start to hit the press the tide will turn. surfs up!
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.
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