Reply to If you bought 2005-2007 and got hit, tell me your story, location and age

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[quote=Anonymous][quote=Anonymous]We weren't in the DC area, but bought in the Denver 'burbs in 2006. Definitely near the top of a very hot local market. It was our first house, we were in our late 20s and we paid $290K. Within a year, IIRC, and definitely by 2008, we were underwater.

Since we'd bought something we could conservatively afford on one salary, with a conventional mortgage (not an ARM) and knew we would be in the house long-term, about the only practical impact was that we appealed our next tax valuation to be more in line with the actual market prices. During the recovery, we refinanced when conditions were favorable and the house only became more affordable over time. We bought as DINKs, stayed there 11 years, had two kids and as our kids were hitting the ages when we really wanted more space, we sold in 2017 for about $450K and moved to the DC area (NoVa). Zillow tells me that similar houses in our old neighborhood are selling for like $625K now.

We are in our mid-40s now. [/quote]

Yes, a market crash is only a problem if you have to sell.[/quote]

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