That's Gotta Hurt - Already Underwater & its Only Nov.
Do not buy a house before blogging. From the Washington Post.
"Lynn Edmonds and his wife, Sebnem, could barely wait to sign on the dotted line back in May when they committed themselves to pay $796,000 for a three-floor townhouse under construction in Alexandria's Cameron Station.
But since May, the sales prices for the development have fallen -- and units like the one the Edmonds bought are now being sold for $699,900. The Edmonds are facing the prospect of a $100,000 loss in value before they even walk through the front door."
More...
"Lynn Edmonds and his wife, Sebnem, could barely wait to sign on the dotted line back in May when they committed themselves to pay $796,000 for a three-floor townhouse under construction in Alexandria's Cameron Station.
But since May, the sales prices for the development have fallen -- and units like the one the Edmonds bought are now being sold for $699,900. The Edmonds are facing the prospect of a $100,000 loss in value before they even walk through the front door."
More...
posted by Little_Silvered at 7:57 AM
3 Comments:
Many Jerseyites that have purchased in the last 6 months (peak of the bubble) will find themselves underwater in very short order.
grim
many Morons that were sucked into the Real estate Industries ponzi line are in for trouble.
Anyone buying in last 2 years better worry they don't need to sell in next 7-8 years.
Prices are going to crash as this mess is all unwound.
HAHAHAHAHAHHAAHAHAHA!
Many more bozos going to be bankrupt soon.
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