This fits in quite well with Part #3 of my 7 Things Series….
by Tom on November 3, 2009
in Market Musings
Part 3 – what did you miss Part 3? No, you haven’t because I haven’t put it up yet.
I’m still working on it, but hope to have it up quite soon. Stay tuned.
Tom Vanderwell
Real Estate Price Plunge Makes U.S. Homeownership Perilous Path – Bloomberg.com
Nov. 3 (Bloomberg) — Kajal and Vishal Dharod paid $559,000 in 2006 for a new four-bedroom house built in Rancho Cucamonga, California. Today, it’s worth about $360,000.“We don’t know how we can come back from a loss like that,” said Kajal Dharod, 29, a first-time homeowner with a $4,200-a-month mortgage. “Buying the house was a mistake.”
American homeownership, once considered a path to wealth, is now leading to disillusionment. Home prices in the last four years have been the most volatile on record, swinging from a gain of 12 percent in 2005 to an estimated 13 percent loss this year, according to the National Association of Realtors. Those gyrations have embittered many property owners and potential buyers, said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts.
Technorati Tags: Homeownership
