If the Fed Lowers rates again ....

[Ron61]

I have been reading this thread with interest as I know very little about the ins and outs of creative financing. but from the number of foreclosures around here and the amount of for sale signs that have been setting in front of homes for the past year, I am sure some of that went on. To many people buying houses for over $200K that should have sold in the $75 to $100K range and now can't make the payments. Just for kicks when all the selling was going on I had real estate estimator come out and give me an estimate of what my place would list for. When she told me $230K I almost fainted. No way is it worth more than maybe $130K, and to me that would be a stretch. I got all my paper out and figured out what the property and house cost me when I bought it and built, and I spent just over $47K. Now that doesn't include the new roofs and upkeep over the years, just my initial investment which I paid for in cash. One place that finally did sell near me, they had to lower the price from $225K to around $100K before they could sell it.

Ron