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Jun 18 2008

The Housing Crunch Hits Home

Published by van133 at 12:44 pm under Housing Market Edit This

The people across the street are moving.  They were loud, inconsiderate neighbors who sometimes blocked my driveway with their trucks.  Their little girl was a brat who sassed me back when I asked her not to hang out in front of my house because she was so noisy.  I couldn’t believe it when there was a for sale sign on their front lawn.  They bought their house when prices were high.  The sign was up for four months.  And yesterday I decided to get back into selling real estate, so I looked up their property.  Sure enough it was in default and on the market for about $150,000 less than they bought it for, subject to the lender approving the short sale.  And today, the sign is gone, though the listing still shows it’s active.  That probably means it’s going into foreclosure.  That makes me feel very sad–for them, even though they were annoying neighbors, and for everyone else on this street, including myself.  Misfortune is still misfortune no matter who it hits. 

I’d tried to sell my house three times, but nobody would buy it.  I knew it wasn’t worth what I borrowed, but I didn’t realize the value in my area had fallen so low. My hope is that I start making more money so I can continue to afford the payments, because the alternative is not something I want to think about.

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