Quote:
Originally Posted by uke_master
Also holy crap the other townhouses in my complex already lost 100k in value from peak sale to the one that just happen. I liked being rich on paper and now I'm less rich on paper I'm not sure how any of that actually affects me as I still have to pay the mortgage regardless of how much it is worth as I'm not moving anywhere.
As an economist in my country told an audience member wondering what do with his house when prices started to tumble a few years back: "You could try living in it".
Which was basically short-hand for "If you can afford the mortgage and you can live in it, the long-term prospects of the housing market are pretty much never negative".
For people stuck with with property as a short-term investment or people who get rates to the point where they can't afford it anymore, things can be far more grim.