Quote:
Originally Posted by Malloy
1997, $150k or so. (hopefully a realtor who is familiar witht the Rox market can chime in)
You are calling for that $250k home to drop ~$50k? When will this happen, 2009?
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Start Amount $ 150,000
Rate3.50%
Years10
End Amount $ 211,590
When will it happen? Who knows but my guess it's already starting to happen. Unlike the stock market, housing is "sticky" on the way down. Transactions move slowly and people can "hang on" the way down as the stubbornly ride the market lower. I think that real price erosions started in late 2006 and will continue through 2007, 2008, and maybe 2009. History tells us that these cycles (both up and down) don't happen overnight - they take a while to play out. We are still in the early stages of this down cycle. "To every thing, there is a season."