DISQUS

k · 1 year ago

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Jack · 1 year ago

I bought in 2002 with 20% equity and an excellent deal in Michigan, but I am still underwater for the whole 20% and can't find a buyer!
morganb · 1 year ago

Jack - that is terrible. I'm sorry to hear about that. The depressed
market is affecting people across the spectrum - not just those that
bought at the top...
bill_lyons · 1 year ago

I would recommend a tax appeal http://thelyonsden.wordpress.com/2008/05/06/mor...
morganb · 1 year ago

Great point Bill. I think more people need to be aware of this.
Morgan
I-Man · 1 year ago

And what percent of those who purchased pre-2006 Heloc-ed the daylight out of their house - and now are upside down. As a Las Vegan, I can assure you it is a large number (I think I remember reading in the last few days that Countrywide HELOCs accounted for 15% of ALL LV houses -- add to that HELOCs issued by others and an enormous percentage of Las Vegans were banking of R/E appreciation to bail them out - and now they join the losers from the casinos!
morganb · 1 year ago

Yeah - Las Vegas doesn't look like it'll be in good shape anytime soon
I-Man. Thanks for the comment!