I suspect there are a lot of homebuyers (particularly investors and speculators) who believe that even if they’re buying in at the top of the market, they’ll be able to get out. Here’s one cautionary tale that I found at another blog site. In this instance, the sellers couldn’t afford to sell when their house dipped in value below what they paid. It took them ELEVEN years — including some years of two house/rent payments — to unload the original house for what they paid. An interesting read.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.