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Originally Posted by $5 submissions
If it hasn't already. The only thing unclear is where the "bottom" is.
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Indeed. And the more of our money we let them give away getting nothing in return, the lower the potential bottom gets.
Quote:
Originally Posted by $5 submissions
When I lived in the US, one of our neighbors bought their house during the last real estate bust in Sourthern California. They bought their home in 1992. It took almost 10 years for it to climb back to the price they originally bought at. 10 years "under water" mortgage. Very sobering story to keep in mind in today's real estate market. Apparently, AZ and NV markets are facing the same situation.
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Very true, sobering indeed. Hopefully people with negative equity now and in the near future will only have to wait ten years. I worry it could be longer, if it will ever fully recover. We are facing something much worse than we have ever seen before. I have many friends and relatives facing this reality, as I'm sure we all do.