% | $
Quotes you view appear here for quick access.

ProShares UltraShort QQQ Message Board

  • fx_trader1 fx_trader1 May 9, 2008 2:37 PM Flag

    My house buying experience 2002 vs. Today

    In 10/2002 I was outbid on a house in an affluent community. The winning bidder bought it for $425k and was a board housewife who thought buying real estate and renting it was the way to finance her kid’s college education in 14 years. After 6 years of renting, she is now deeply in the red and she doesn’t even realize it.

    The rental income never fully covered the mortgage, insurance, property tax, maintenance expense, vacancy, remodel, rental broker’s commission among other items. The current market value is about $466k and she is lucky if she can even get that since the market is declining. After a 4% broker’s commission, she will net $449k earning a $24k profit. According to my calculations she easily has paid out over $1,000/mo. over 6 years in (deficit) expenses or $72,000. Net net a total of a $48,000 LOSS. I recently tried to buy the property from her. She says she doesn’t want to sell and is insistent the market will come back.

    When you hear stuff like this you know the market will never come back for year sand years. It will take 15 years to get back to any high water mark again.

    When your housewife comes up with ideas like this you know it is the top of the market!!!!!!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
33.97+0.45(+1.34%)Oct 13 4:00 PMEDT