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Zillow is not good for real value.
However a few of my friends in the same boat as you in fact some estimates say nearly 60% of homes are underwater in value now due to the economy other reports say 5% so who knows I will go with 30% of homes being under water... But they Bought a house that went underwater in value. Something not to be expected when buying a home.
Ya might want to keep your eye out for the government buying mortgages should the democrats make office. Basically under some of the provisions of the bail out home values can be re-negotiated and then adjusted accordingly for Mortgage. Soon paper work may be issued and you can get involved with that program should it come about.
I feel lucky to have got what I got in getting a foreclosure.
SO even some devaluation from the economy is not so bad for me. I can live with it.
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