Comments on: If you bought in 2006 its 50/50 you’re underwater

By: morganb

morganb — Wed, 07 May 2008 21:09:04 +0000

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

By: I-Man

I-Man — Wed, 07 May 2008 20:54:11 +0000

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!

By: morganb

morganb — Wed, 07 May 2008 16:16:03 +0000

Great point Bill. I think more people need to be aware of this.
Morgan

By: blyons2141

blyons2141 — Wed, 07 May 2008 16:13:45 +0000

I would recommend a tax appeal http://thelyonsden.wordpress.com/2008/05/06/mor...

By: morganb

morganb — Wed, 07 May 2008 13:56:04 +0000

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…

By: Jack

Jack — Wed, 07 May 2008 13:45:51 +0000

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!

By: k

Wed, 07 May 2008 13:36:55 +0000