Tuesday, March 28, 2006
Equity Evaporation Phase I
The 42% of recent buyers who put no money down when buying their homes have no equity.
They wish. If they bought a used home they paid 7-11% in transaction costs. If they bought new they are facing new homes 60, 80, $120,000 cheaper. Taxes due in 2 weeks and their home is a year older. Upside down, underwater... pick your phrase. Personally I favor; Tango Uniform. [If you have to ask you don't want to know. If you already know you are laughing too hard to reply anyway.]