Thread: More Homeowners Walk As Home Values Dive

No Help in Sight, More Homeowners Walk Away

by David Streitfeld
Monday, February 1, 2010
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In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,â€

Gotta love those no documentation liar loans the banks were so hot on. There was a story here where a painter making $9 per hour got a loan for a $660,000 house.
I know FL real estate agents, for the most part, never believed that property prices would ever go down again.
And while this is residential, wait til the commercial starts defaulting on their loans. At the moment, on my major road there are four expanses of concrete that used to be car dealerships. No business, no loan payment.
Trickle down economics has not worked for a century or more, and someone better start realizing that.