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HowieRoark
1 Comment
Zillow: Homeowners Sinking 'Underwater' As Prices Fall - Housing Tracker [view article]
What's particularly interesting in my area is the number of homes for sale with very little budging in price. They can't afford to sell for anything less without writing someone a big check, so these homes will sit on the market until they are foreclosed (and put back on the market) or true valuation catches up.The market always works; it always corrects. Just like the .coms of the 90s were based on near-fraudulent levels of ideas, the housing bubble was based on an artificial demand. Many people I know were downright greedy. They were too good for their own means and felt they needed something bigger and the lending industry allowed them to believe they could afford it. Some lessons must simply be learned the hard way. May 08 11:15 PM