Re: Empty Houses
Posted by:
Manassas Resident
()
Date: August 19, 2008 11:21AM
Steve Wrote:
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> I did buy my home in 2006, and yes, I am losing my
> rear end. However, I am ok with this because I am
> in the position to buy myself out of my home if
> absolutely necessary. I wish I were in the
> position to buy up these foreclosed homes in the
> Manassas area. Vaprenuer is absolutely correct in
> his assertion (although I am uncertain he should
> be so defensive/aggressive): if you have the
> means, you would be a fool to not buy up these
> properties. I unfortunately am too involved in a
> new business to concentrate on property
> acquirement.
>
> For those of us who do own in the Manassas area,
> it is a great thing for investors to be moving in.
> Although our property values will not go to their
> initial value for quite some time, these investors
> are insuring that the fall in our property values
> is slowing. Be thankful.
I have neighbors who bought their houses in 2005 and 2006 who owe at least $200K+ more than the homes are worth. I have no idea if these people used sub-prime or what, but I feel sorry for them. They got swept up in this home-buying idiocy.
We thought about moving in 2005. However, I looked at homes in Burke that were sold before the real estate sign was put in the ground. There was one house, that really wasn't any bigger than our current one, that was listed for $600K but had 30 bids on it. I imagine it probably went in the $750K range. Keep in mind, this same house might be worth $400K now.
Dumb, dumb, dumb.