Quote:
Originally Posted by hulkrogan
People that took a bath on their sale but were moving into a more expensive place probably faired better because of the price drops.
It would be awesome to sell a $400,000 (2011 prices) house for $50,000 and move into a $800,000 place (2011 prices) for $100,000.
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That's only a good deal if you can afford to cover getting the mortgage down to the 50k. If you have a $400,000 house with a $300,000 mortgage on it, you'd need some serious $$$ to be able to sell at that price.
For some of those who bought during the boom with 0/5% down, trading up isn't an option.