Open House of the Day, 8/31/07: Six Months Later

1 out of 4 and below ask. This market is HOT.

Posted by: guest at February 22, 2008 11:21 AM

No, not 1 out of 4. This was the only pick for open houses on Labor Day weekend. And it sold quickly for a little less than ask. Not HOT or not HOT but not bad enough for sarcasm on the state of the market.

Posted by: guest at February 22, 2008 11:28 AM

I live on 36th street. Can't say anything specifically about that house but it is a great location with the N/D express trains right there.

Posted by: guest at February 22, 2008 11:31 AM

I, asshat at 11:21, stand corrected. Mmmmm...my words are delicious.

Posted by: guest at February 22, 2008 11:33 AM

I don't understand why this tells us anything. "Below ask" does not mean this sold below-market. It surely sold for higher than recent comps on that block. I can say that without even having to look. That's the info Brownstoner should be providing when asking for analysis on sales of former HOTD's. Not how much had to be knocked off the asking price.

The asking prices on a lot of houses are a bit random, and people always aim higher not lower. It's only very recently that the strategy of pricing lower has started to be used in Brooklyn. We've seen big differences in asking price on similarly sized houses to ours in our own neighborhood (which is not Sunset Park). There have been attempts to get a crazy amount of money that didn't fly, then they finally lower the price.

Posted by: guest at February 22, 2008 11:36 AM

I bid decently over ask on that house, was outbid, then was called up a month later that the higher bidder had fallen through. I had found a place in the meantime and passed. Had been told there were five bids at or over ask. So I guess they had to go pretty far down the ladder to find someone who would actually take it. Nice reno, great yard, great block and express transportation. But the house was very small, no more than 1800 sft. And if the bowling alley ever sells out at the end of the block, you'd be in condo shadows for all eternity. Still, a pretty good deal at 770k.

Posted by: guest at February 22, 2008 11:42 AM

Hey folks!! What about now??!!! The credit market is getting assraped now!!! Governments around the nation are paying 20% to borrow money!!! Some towns are going into default and State budgets are being slashed!!!! I hope you fuckers stick around for the ride, strait fucking down. I bet these assnutts who bought this house is underwater now, write about that shit!!!!

Here ya go read this shit. Where are asshole going to get the money to buy overpriced shit??!!

http://www.bondbuyer.com/printthis.html?id=20080221COQ2NM19

The What

Someday this war is gonna end...

Posted by: guest at February 22, 2008 11:42 AM

I noticed a lot of condo open houses in Carroll Gardens and CGWest this Sunday on Craigslist. Anyone know anything about these places? Are those prices standard ($519,000+)?

Posted by: guest at February 22, 2008 11:43 AM

11:43 again, for a 2 bedroom condo

Posted by: guest at February 22, 2008 11:44 AM

Very good point about asking prices. In most of the country, even during the height of the boom, asking prices are (were) generally optimistic. It's expected (in other places) that you'll bid under ask, with a little room for negotiation.

In this case, the sale was for about 4% under the ask. I'd say the seller and buyer were probably satisfied with the outcome. Only in places like Silicon Valley and Manhattan would it be seen as a "defeat" for the seller...

I have to say that Sunset Park is looking better and better in the long run. These are manageable houses for well under $1 mil, with great details. It's also just far enough out of the way for gentrification to happen slowly. Now, if they can just rip out some of the graves in Green-Wood and put in a few dog runs...

Posted by: guest at February 22, 2008 11:49 AM

Hey tWhat,

Why don’t you paraphrase the articles you link to?

I know you’re a constant battle with your keyboard, but a link to a 10 page article filled with nomenclature just makes you look lazy and lends no weight to your argument.

Juts trying to help you become more poignant.

Posted by: guest at February 22, 2008 11:58 AM

the market is still on fire.

obvious from this and the "just sold" section.

750K for a 1 bedroom in Carroll Gardens?
250K over ask last week for a house in Park Slope?
770K for a house in Sunset Park?

And you think the market isn't healthy?

What would be healthy then?

Posted by: guest at February 22, 2008 12:00 PM

I'm reading a great book by Dave Eggers, titled "What is the What" Now I get it!

Posted by: guest at February 22, 2008 12:04 PM

Het tWhat, you are wrong again. Wrong, wrong, wrong.

Go ass rape yourself you fucktard.

Posted by: guest at February 22, 2008 12:07 PM

Repetitive obsessive posts by the What again, hogging and hijacking threads.

Obviously whatever mental hospital had him locked up the last few weeks has released him.

Please limit your posts to one or two per thread, tWhat. This blog isn't your own personal playground just because your parents didn't pay enough attention to you when you were a child. Other people get to say something here too.

Posted by: guest at February 22, 2008 12:24 PM

Hey tWhat

You need to read this book.

http://tinyurl.com/3eytpv

Posted by: guest at February 22, 2008 12:30 PM

PLEASE MAKE SWEET SWEET LOVE TO ME, THE WHAT

Posted by: guest at February 22, 2008 12:35 PM

the What is great but please tone down the foul language! you start to sound desperate when you spew the potty-mouth. your best style is to just keep dropping the articles and sit back and chill ... unless you're worried your forecast won't come true of course.

Posted by: guest at February 22, 2008 12:38 PM

to the person who keeps referring to "the what" as the "twhat" do you REALLY think you are any better or more mature for writing such a thing???

you are a REAL loser.

or excuse me, poser.

or is it twoser?

Posted by: guest at February 22, 2008 12:45 PM

To 12:45, it's been way more than one person doing that.

Duh.

More than one person thinks The What is a twat.

Posted by: guest at February 22, 2008 12:47 PM

asking 790 and closing at 770 two months later sounds like a healthy market to me. I can only hope for similar.

Posted by: guest at February 22, 2008 12:54 PM

question for The What:

"Governments around the nation are paying 20% to borrow money!!!"

Can you explain for the class what you mean by that sentence?

Posted by: guest at February 22, 2008 1:04 PM

i purposely asked about 30-40k more on my asking price knowing that i'd settle for less.

so people who say selling for a lower than asking price and correlating that to an unhealthy market simply don't own anything and don't know how the process works.

anyone who knows anything about real estate knows you look at comps, not asking prices and this above house was an extremely agressive price for this area and house and it sold.

anyone who said that the above is a sign of a weak market, doesn't know their ass from their elbow.

period.

Posted by: guest at February 22, 2008 1:05 PM

1:05 is right on the money.

When houses sell above ask, it is the sign of a strong market.

When houses sell below ask, it is also the sign of a strong market.

Period.

Posted by: guest at February 22, 2008 1:09 PM

"More than one person thinks The What is a twat."

And more than one person takes heed to what he says because his points, although animated, are generally spot on. "twat" responses to him wreak of homeowner trouble.

Posted by: guest at February 22, 2008 1:21 PM

"And more than one person takes heed to what he says"

But its the same regurgitated dribble, from the same 3 websites.

I'm a homeowner who doesn't plan on selling in the next 10 yrs.
Is rants are just mono-themed and wreak of bitterness.

Posted by: guest at February 22, 2008 1:26 PM

1:09 is right on the crack. I agree that the deviation between ask and close is insignificant but housing bulls tend to scream "HOT Market" when homes sell above ask in a bidding war. Can't have it both ways.

Posted by: guest at February 22, 2008 1:29 PM

That's "reek," not "wreak," 1:21. The What wreaks havoc. The responses to him just reek.

Posted by: guest at February 22, 2008 1:29 PM

"But its the same regurgitated dribble, from the same 3 websites."

He's advocating a crash in prices like the NY Times, and perhaps yourself, advocates a rise in prices. It's all about psychology (compounded with economic fundamentals).

"I'm a homeowner who doesn't plan on selling in the next 10 yrs."

You are one of many. But the reality is not everyone will be able to hold on that long. God has a plan of his own. If you're atheist, shit happens. Did you see the list of tax seisures planned for June 19th in the NY Daily News the other day? My own building where I rent is f***in' on there. In fact, many addresses in and around prime Fort Greene and Clinton Hill are on there.

"Is rants are just mono-themed and wreak of bitterness."

Many of the threads on this blog are mono-themed (rosy) and wreak of euphoria.

Posted by: guest at February 22, 2008 1:40 PM

Thanks, 1:29. I'll be learning English for the rest of my life.

Posted by: guest at February 22, 2008 1:42 PM

Please do not use quotes from the NY Daily News. This is Brownstoner for gods sake (im an athiest)

Posted by: guest at February 22, 2008 1:48 PM

What-ever to all of you. Back to the topic. It was a sweet little house. Hope whoever bought it likes to bowl, and like the jackie gleason bus depot. That area has good late night restaurants too- check out the metro section article last weekend on the after hours chinese food scene in sunset park-

Posted by: guest at February 22, 2008 1:49 PM

"Please do not use quotes from the NY Daily News."

Uhhh...those were quotes from the NYC Department of Finance. Advertisements for property lien sales if you will.

Posted by: guest at February 22, 2008 2:01 PM

"The what seems to be very well informed but the language is juvenile. For someone as well versed on these types of topics, you'd think he/she could find better words to express their thoughts."

You don't watch George Carlin?

Posted by: guest at February 22, 2008 2:02 PM

At least George Carlin understands the concept of a plural

Posted by: guest at February 22, 2008 2:08 PM

So does the What. Note the frequent use of "asshats" in his screeds.

Posted by: guest at February 22, 2008 2:14 PM

and george carlin knows nothing of real estate.

Posted by: guest at February 22, 2008 2:17 PM

"question for The What:

"Governments around the nation are paying 20% to borrow money!!!"

Can you explain for the class what you mean by that sentence?"

I know you hear with that fucking helmet on your head! Also stop drooling all on the floor fucktard.

"Uhhh...those were quotes from the NYC Department of Finance. Advertisements for property lien sales if you will."

It's 90 day notices to come in and payoff your taxes. Thiis nothing big but, the Assnuts go crazy!!

"I'm a homeowner who doesn't plan on selling in the next 10 yrs.
Is rants are just mono-themed and wreak of bitterness.:

What if your family had to sell? What if something happen and you had to sell real fast??? What if you are seeing urban blight coming into your neighborhood after the crash (it's coming) , then what??!!

This shit is getting real fun now. The crack is gone and the Housing Fucktards are running out of reason to own!

""Is rants are just mono-themed and wreak of bitterness.""

The rants are ABOUT REAL THINGS MOTHERFUCKER!!!! The America economy is going down the fucking drain!!! Game Over!!!

The What

Someday this war is gonna end...

Posted by: guest at February 22, 2008 2:25 PM

"I know you hear with that fucking helmet on your head! Also stop drooling all on the floor fucktard."

This somes up our friend pretty well.
Anyone care to interpret?

Posted by: guest at February 22, 2008 2:31 PM

Perhaps he is trying to hint at this tasty nugget from the New York Times:

"Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, are underwater. That is more than double the percentage just a year ago, according to a new estimate of the damage by Moody’s Economy.com."

Posted by: guest at February 22, 2008 2:43 PM

Re: the What, it's not abouy being right or not about the market, it's about being a creepy weirdo spending way too much time here.

Posted by: guest at February 22, 2008 2:54 PM

about not abouy

at 2:54

Posted by: guest at February 22, 2008 2:57 PM

so last year 5% of people owed more on their homes than they were worth (the average for the last few decades)

and now 10%.

sounds moderately bad, but CERTAINLY not the cause for all the ranting about the world coming to an end.

think about that.

5% more people are in trouble. not 50%. not 20%.

5%.

those figures do not a depression make.

go ask your grandma if you want to know what REALLY happened during the depression.

Posted by: guest at February 22, 2008 3:14 PM

3:14 is right and although I feel for these people, in any other decade they would NOT have been allowed to take out a loan and buy a house.

This is all about the market returning to normal. Returning to normal from the inflated crazy bubble time when anybody could buy a house even those with no credit record and no money down. Those lenders deserve to lose their money.

Posted by: guest at February 22, 2008 3:23 PM

most of these people knew EXACTLY what they were getting into. they SIGNED documents stating that their mortgage rates would set, but were completely and TOTALLY uninformed and thought housing prices would go up forever.

end of story.

they were ignorant and are now paying the price.

when i bought in 2006, i was pre-approved for MUCH MUCH more than i thought i could afford but i bought something i thought would be good for me, price-wise.

only in america do you now get pity and a potential bailout for being stupid.

Posted by: guest at February 22, 2008 3:39 PM

OK tWhat, Stop using NATIONAL stats to describe the Brookly brownstone housing market. They are not one and the same.

The tWhat is NEVER on point and his potty mouth is the only thing worth reading about his posts.

And who, in god's name, has the time to read his links?

Get back to work people.

Posted by: guest at February 22, 2008 3:53 PM

Real estate may be local, but the economy is global. You are extremely naive to believe that Brooklyn will escape unscathed, especially given that it has experienced some of the most unsustainable price hikes in the country.

Posted by: guest at February 22, 2008 4:55 PM

I second 4:55. Brooklyn's so-called misalignment with the national market (or world market with respect to credit) is pure broker-talk. The historical record does not lie.

Most of you owners are too young to remember the market in the early 90's. LA crashed 50%. NYC crashed 40%. These national events were very much ALIGNED. As an intern back then, I used to say to my older co-workers that 'you can't lose in real estate'. They used to vigrorously correct me as many of them had lost their shirts.

Posted by: guest at February 22, 2008 5:15 PM

you are not factoring in that brooklyn was severely undervalued for a very long time.

not to mention crime-ridden and crappy.

you don't think gentrification to lovely urban neighborhoods had something to do with the larger than usual run-up in prices.

we aren't talking about greenwich here which has been nice for decades.

we are talking about brand new revitalized neighborhoods with huge investments made in the restoration of homes, new shops, new restaurants, and only a 15 minute subway ride to what has now become the safest large city in the u.s. and a world class, cosmopolitan megalopolis.

Posted by: guest at February 22, 2008 6:16 PM

5:15, you prove my point. The crash of the 90's was on the coasts and not in the middle of the country. You couldn't assume the whole country was crashing when it was only on the coasts (unless you are the tWhat), so why do you think you can now imply that BROWNSTONE BROOKLYN is the same as the middle of the country?

as for you 4:55, to a European, housing in this market - even when it was a little stronger - is still a bargain. If you want to talk about the global economy, you have to think about it from a perspective other than a local one. You are the naive one here.

Posted by: guest at February 22, 2008 6:38 PM

a lot of my neighborhs moved here in the last two years from europe and the u.k.

i can think of 4 off the top of my head.

i can't walk along 7th avenue near my house and not hear someone speaking german or with a british accent.

i love how much the hood is becoming more multi-cultural in this way.

sure, they all have some money, but it's nice that europeans appreciate what brownstone brooklyn has to offer.

Posted by: guest at February 22, 2008 6:45 PM

"you are not factoring in that brooklyn was severely undervalued for a very long time."

It's already factored in. Brooklyn was 'undervalued' during the early 80's and severely overvalued during the late 80's. And now the cycle has repeated - undervalued during the bottom (early to mid 90's), then overvalued again after the new millineum. That's how the RE market works. It oscillates between overvalued and undervalued.

"you don't think gentrification to lovely urban neighborhoods had something to do with the larger than usual run-up in prices."

Of course I do. But, unfortunately, that was only a slight compliment to a much larger factor - a credit overdose.

"we are talking about brand new revitalized neighborhoods with huge investments made"

The majority of "hot, new" nabes are not fully revitalizED (Stuy, Crown, Bush, Billy, Hook, Clinton, Sunset, Lefferts, etc.) That's why you get constant complaints about schools, services and sometimes transporation.

These investments are turning sour. Look at all these restaurant closings brownstoner has discussed this past week. Look at Catsimatidis and all the pessimism about downtown develelopment. Look at the foreclosure situation and the planned June 19th tax lien sales that have tripled since last year. Investors and recent (last three years) buyers are struggling right now. They are slowly waking up from this dream about a perfect Brooklyn that everybody wants to pay $1M for a piece of. Brooklyn is a great place but we are in the 'overvalued' phase of the cycle and it's not gonna be pretty for another ten, twenty years.

Posted by: guest at February 23, 2008 9:33 AM

"5:15, you prove my point. The crash of the 90's was on the coasts and not in the middle of the country."

Fine, 6:38. The 90's price collapse was a crash of coasts and not the whole national RE market. But still, the coasts were in tandem and that's all I needed to prove my point.

But the same could not be said about The Great Depression? There was a national slide in prices. That's what today's economy is being compared to (i.e. no negative national savings rate since). That's how I can "imply that BROWNSTONE BROOKLYN is the same as the middle of the country" with respect to the pattern of boom and bust. Metro-wide prices are already down 1% and getting worse.

http://tinyurl.com/32okax

Brooklyn and Manhattan can run but they can't hide.

Posted by: guest at February 23, 2008 9:49 AM

down 1%???????

NOOOOOOO!!!!!!!! SAY IT AIN'T SO!!!

What will I do with the other 199% I saw in appreciation over the last 10 years?????!!!!!!

Posted by: guest at February 23, 2008 12:17 PM

Exactly 12:17.

My husband's coop increased in value 200% over 9 years. We sold it at a time in the market when it got less than the comps the year before.

Still made a huge profit. He hardly regrets buying the apartment years ago, please.

Oh, and another especially fun fact - at the time he bought it that street was considered "dangerous".

Posted by: guest at February 23, 2008 12:33 PM

Yes please DO think of it as a global market, 4:55.

I WISH I could afford to buy an apartment in Paris or London. The only thing that stops me from seeking a job in Europe is I couldn't afford to buy anything decent there even after selling my brownstone. Brooklyn is dirt cheap compared to Europe or Tokyo. And not just because of the dollar losing its value against the Euro, but because it's simply more expensive in those cities. It was more expensive than the U.S. even when our dollar was valued more. It's nothing new and nothing recent. This is a decade-long trend and migration. All the big international cities including New York City are incredibly desirable and everyone is moving to these places.

Posted by: guest at February 23, 2008 12:50 PM

Oh 12:20, you completely missed the point.

The ECONOMY is global. The fallout from the housing crash is rippling through every sector.

Stay tuned for the real fun as the debt bombs unwind.

Posted by: guest at February 23, 2008 12:58 PM

"down 1%???????

NOOOOOOO!!!!!!!! SAY IT AIN'T SO!!!"

Trend, 12:17, trend. Prices are no longer increasing. You act like this fallout is over with. It's just getting started.

"What will I do with the other 199% I saw in appreciation over the last 10 years?????!!!!!!"

If you're smart, you'll cash out and realize it. Otherwise you'll follow it down to the ground and be left with little or nothing of it.

Posted by: guest at February 23, 2008 1:12 PM

So you're saying the market will drop 199%, 1:12?

199% ??

I'm tuning out and no longer taking any of this chicken-little shit seriously anymore. If someone who actually knows anything about anything wants to talk about it, fine. But I don't care what bitter renters think (or what they WISH, more like it). Sorry.

Posted by: guest at February 23, 2008 4:05 PM

"So you're saying the market will drop 199%, 1:12?"

Wow! So your NOT smart. A 199% drop would mean that one would be paid, not pay, 99% of a property's 2007 value for the honor of owning it.

What I am saying, Genius @ 4:05, is that you would have little to no gain. If you paid $500K in 1998 and your paper appraisal shot up to $1.5M in 2008, it would only take about a 50% drop for your gain to disappear. Don't forget to subrtract holding costs, transaction fees and an adjustment for inflation.

"I'm tuning out..."

No you are not. Your reading this comment right now. You sound like you've been tuned out of reality for quite a while now. Just because I'm a chicken-little, bitter renter who thinks AND wishes that the market plummets, doesn't mean I will be wrong. At least I understand basic percentages.

Posted by: guest at February 23, 2008 6:18 PM

"Just because I'm a chicken-little, bitter renter who thinks AND wishes that the market plummets, doesn't mean I will be wrong."

It does mean you're crazy and a misanthrope.

Try making some friends and getting a life.

Posted by: guest at February 24, 2008 12:36 PM

The renters have taken over this string.

You waited too long to buy and now you are grasping at straws to confirm your warped point of view.

It doesn't really doesn't matter, except when yhou are forced, through rising prices to move to another city. Then you can cry wolf on another web site.

- A Happy Homeowner with Lots of Equity.

Posted by: guest at February 24, 2008 2:05 PM

they are calling for a 15% drop in prices MAX in the new york city area.

for prime neighborhoods, probably less.

NOT 50%!!!!!

you might know about percentgaes, but you don't know about common sense.

the most vulnerable markets of las vegas, phoenix and florida aren't even expected to drop more than about 35% tops.

all are expected to have recouped that loss by 2012.

and guess what they will probably do after that, given the course of every other cycle in the history of the economic universe?

yup.

go back up as they ALWAYS do over the long run.

bought my place for 350K in 1998. Worth 1.7 million now.

i'll be ok if it drops to a million.

better than ok.

Posted by: guest at February 24, 2008 11:45 PM

"Try making some friends and getting a life."

OKAY, I'LL TRY. WILL THAT PROTECT HOME VALUES?

"You waited too long to buy and now you are grasping at straws to confirm your warped point of view."

NO. I HAVEN'T WAITED LONG ENOUGH. THE FATE OF THIS SMOKE AND MIRROR HOUSING PONZI SCHEME IS A SLOW MOTION TRAIN WRECK. I PROBABLY HAVE ANOTHER FIVE YEARS TO GO. MEANWHILE, I AM PAYING ONLY A GRAND IN RENT (UTILITES FREE - WOAH! NO HIGH ENERGY BILLS FOR ME), STACKING CASH AND GOLD, AND GRASPING AT THIS TIDBIT...

http://tinyurl.com/293up2

YOU ARE GRASPING AT STRAWS TO REFUTE THE HIGH LIKELYHOOD THAT MUCH OF YOUR EQUITY'S GOING "BYE BYE" UNLESS, UNLESSSSSSSSSS, YOU CASH OUT SOON. WHEN COUNTING EQUITY, DON'T FORGET TO SUBTRACT CARRYING COSTS AND TO ADJUST FOR INFLATION - YOU HAVE MUCH LESS THAN YOU THINK. YOUR POINT OF VIEW IS SHORTSIGHTED AT BEST.

"It doesn't really doesn't matter, except when yhou are forced, through rising prices to move to another city. Then you can cry wolf on another web site."

SORRY. HOMEOWNERS ARE MORE LIKELY TO BE FORECED FROM THEIR HOMES THAN SOMEONE WITH A CHUNK OF CASH/GOLD PAYING NEXT TO NOTHING IN RENT. CITY PROPERTY LIEN SALE LISINGS ARE UP 3X FROM LAST YEAR. FORECLOSURE PROCEEDINGS HAVE SPREAD INTO FORT GREENE (I.E. FORT GREENE PLACE). UNEMPLOYMENT IS TRENDING UP. THE WOLF IS REALLY HERE.

"A Happy Homeowner with Lots of Equity"

FOR NOW. I HOPE YOUR NET WORTH DOES NOT RELY ON JUST THAT.

"they are calling for a 15% drop in prices MAX in the new york city area."

LOL!!! WHO'S THEY, CNBC? WE'RE ALREADY THERE (-10% IS CLOSE ENOUGH). SEE LINK ABOVE. THE RECESSION HAS JUST BEGUN. 90'S PRICES WERE OFF WAY MORE (-40% REAL TERMS). THE BIGGER THE BOOM, THE BIGGER THE BUST.

"you might know about percentgaes, but you don't know about common sense"

AMONG DELUSIONAL, DENYING HOMEOWNERS, SENSE AINT COMMON.

"the most vulnerable markets of las vegas, phoenix and florida aren't even expected to drop more than about 35% tops."

NOT BY THE F***'D FLIPPERS.

"all are expected to have recouped that loss by 2012."

NOMINALLY, BUT NOT REALLY. AFTER INFLATION, YOU WILL NEVER SEE A HOUSING BUBBLE OF THIS MAGNITUDE IN YOUR LIFETIME. THIS IS THE BIGGEST BUBBLE SINCE THE GREAT DEPRESSION. REAL TERMS ARE WHAT MATTER.

"and guess what they will probably do after that...go back up as they ALWAYS do over the long run."

WE FINALLY AGREE ON SOMETHING. BUT IT'S GOTTA BOTTOM OUT FIRST. NO BOTTOM IN SIGHT DESPITE REPEATED FAILURES TO CALL IT. IT'LL TAKE ANOTHER DECADE OR TWO. AND EVEN THEN, YOU'LL NEVER SEE 2008 PRICES IN YOUR LIFETIME. IT WAS AN OPPORTUNITY OF A LIFETIME AND YOU SCORED ONLY IF YOU CASHED OUT AND KEPT PROFITS. THINK ABOUT THAT.

"i'll be ok if it drops to a million."

700K DECLINED DOLLARS TODAY IS MUCH CLOSER TO 350K STRONGER DOLLARS BACK THEN. YOUR EQUITY WOULD NOT QUITE BE 350K IN THAT SCENARIO. REALIZE AND RECOGNIZE THE TIME VALUE OF MONEY. CASH OUT OR YOU'LL BE SORRY.

Posted by: guest at February 27, 2008 10:10 AM

"NOMINALLY, BUT NOT REALLY."

I take that back. You are a sheep if you believe losses will be recouped by 2012. I guess you also believed Ben Bernanke and CNBC when they claimed there was no housing bubble and that subprime was contained.

Posted by: guest at February 27, 2008 10:16 AM