I've kept an eye on Murrieta's housing market over the past year, since we left, with an increasing sense of having just avoided a major train wreck, combined with a growing feeling of guilt about selling our house to someone who is now stuck with a 50 percent loss.
Thanks to all of the foreclosures that continue to flood the SoCal market, and especially the Inland Empire, as our corner of SoCal was known, our house is now worth approximately what we paid for it in 2001. I'm stunned that six years and a half years of appreciation could have evaporated that quickly, and from what I'm reading, it's not over yet.
I just ran across this article today, on GQs website, about the city just to the north of Murrieta, which it describes as ground zero of the foreclosure crisis.
I'm so glad we got out and yet I feel badly for our buyer....
New blog
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So, made a new blog. Click here if you wanna check it out. Will have more
serious stuff there.
13 years ago
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2 comments:
I am so glad we didn't climb the property ladder; while we would have loved more space, it appears we made the right choice, given the ways things have been going for some time now and the ultimate economic collapse (or near collapse for sure). After all, the higher you climb, the harder you fall!!! Don't feel guilty; you had to buy, too. You were caught in the same situation as everyone else; do you think the folks you purchased your home from are feeling guilty? I think you made a great choice in locating to green Colorado. Enjoy it.
xo, Aunt T
Thanks, Toby. I've been thinking about this and about the bailouts that may or may not be coming for those who are upside down in their mortgages (I was feeling uncharitably aggrieved that since we were cautious and have consistently bought less than we could have financed, we, as taxpayers, would be underwriting others who overreached), and I found some peace of mind in considering that we already got our buyout, by dint of selling our house for more than it is now worth, and I can't begrudge others a similar benefit, should mortgage relief ever come through.
And yes, we are thoroughly enjoying Colorado!
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