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Sigh...the housing market
I know people b/tch constantly about the decline of the housing market, but I just need to get mine in there too.
I bought my 3BR/1.5BA house in August 2009 for $104k. The only comps we had to go by at that time was a much smaller and not updated house for $50k (which I think was a forclosure), and a somewhat similar sized house but with 2BR/1BA for $93k.
There was recently a third murder in the last year within a mile of my house. I want out. To go far, far away. Before I get really dead.
I've been looking at comp houses currently for sale, and houses that sold after mine, and prices are anywhere from $25k bank owned to $88k right across the street.
There's no way in hell I can bring at least $20k to the table to get out of this thing making $33k a year. Rentals in my 'hood go for at least $100 less than my mortgage payment. And I won't just walk away.
I made a bad decision in buying this house, and now I'm stuck with it. 
<a href="http://www.thenest.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Home D
Re: Sigh...the housing market
I am in the same boat.
I bought my house back in 2000. I paid $135K for it (3 bedrooms, 1.5 baths), and I still owe $115K on it . Now I would be lucky to get $60- 70K for it. Now my only choice is to stick it out as long as I can or rent it out. I don't want to ruin my credit and I certainly can't afford to cough up the difference myself. It sucks!
I know! Detroit has one of the worst real estate markets in the country
One of my good friends is in this same predicament. She bought for $120k in I think 2006 or 2007, and it's now valued between $60-70k according to all the comps.
Awwww I've heard it's pretty rough out there. I hope it picks up for everyone!!