Seems the stories about people buying this summer with zero down interest only negative ammortization loans, combined with an explosion in listings, combined with two straight months of median home price decline, isn't quite enough for some of the real estate agents and investors out there to understand that it's over, it's coming down and the ponzi scheme has ended...
Again, I'm not disputing that MASSIVE money was made during the ride up. Anyone can argue that point. The point now is that we're going down.
So... let's hear some stories about people panic buying this summer at the top. Here's one:
I have a friend in San Diego who purchased a new build 1200 sq. ft. loft downtown in June for $700,000. Usual story - interest only, 5% down, financed on credit card, etc...
He reports now that
1) He doesn't seem to have any neighbors - all the units were bought by flippers and are now for sale, with no buyers
2) He's worried if it's already droppped 10%, he's $70k in the hole
3) He figured he could've rented one for about 30% of his monthly total cost
4) He thought it was a sure thing - that real estate only goes up - and can't believe how quick things changed
November 20, 2005
Open thread - let's hear some stories about people buying at the top
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