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[quote=Anonymous][quote=Anonymous]
Yeah I don’t know.  I was underwater in 2008 and the subsequent years.  It was terrible.  Just the fact I couldn’t sell my property.  I had to continue paying a mortgage for a property where I had negative equity.   Even doing repairs or maintenance sucked since I knew if I were renting I would be so much better off.  I couldn’t do a short sell or walk away because it would ruin my career which requires a credit check.  I would have liked to move to another city but I couldn’t.  When I finally could, I had to rent out my place and be a landlord which was a giant PIA.

Even being 100k underwater is a noose around your neck.  Would you suggest someone put down 0% on a house and then take out a home equity loan immediately after closing?  Because that’s essentially what being 100k underwater is like.

Sure, I more than recovered financially, eventually sold my property and I’m doing fine.  But it was a lot of unnecessary stress that could have been avoided had I not bought a home during a home buying frenzy when market fundamentals didn’t make any sense.

[/quote]

[b]You are beating yourself up for not predicting the future?[/b]

Hindsight is 20/20 100% of the time, foresight...not so much.

And I'm glad you've more than recovered.  That's exactly the point.  Nobody said it would be pleasant or an experience somebody would want.  But it did not end you.  Here you are.[/quote]

Of course not.  But do I think it’s a good idea for a first time home buyer to be escalating way over the listing price and getting involved in a bidding war right now?  No.  So much of the real estate activity in recent months seems emotional and based on FOMO.  The market just doesn’t make any sense and the Fed has a giant MBS portfolio to unwind.  No one knows what will happen, but I can’t help but think a first time home buyer should sit back and let the dust settle.  [/quote]

So this very reasonable, somebody entering this market with nothing to sell us certainly at the biggest risk of winding up underwater.  But nobody knows if that will happen and by how much.  There is no sign of any major crash like what you experienced.[/quote]

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