gone2pot

The Impending Mortgage Crisis

I bought a historic home an hour north of St Louis (Clarksville). I paid 110K in 2001, put 35K in materials into restoration/remodel. I did all the work. Sold it last July for 282K. It's in flood zone A but also on the National Registry of Historic Places. When we sold, we moved closer to St Louis (Wentzville) where my wife is closer to her job. Rented for seven months while researching via patrick.net everyday, learning as much as I could about local housing. Got screwed over by Citi to the tune of a grand in a pre-foreclosure purchase approval gone fidiot by the CitiMortgage liars. Found a home within walking distance of my wife's office from a desperate owner. He paid 300K in 2002, put 100K into a new kitchen, deck and landscaping, I paid 325K. Seven homes out of 48 on the street are still for sale (have been over a year) and all sellers want the buyers to pay a bubble price PLUS pay off their Hummers and Escalades from the house ATM. They are still clueless and NO ONE selling used homes in the area are encumbered by reality. I think St Louis is in for a big surprise next year and it probably won't be good. We plan on living here for ten or more years. It'll be interesting to watch the mayhem.