Jellyfish said:I had lunch with a business associate Friday who was stressing over just that. Had his lot on market, approaching build out date, never intended to build, 3 year option ARM adjusting soon...etc. Said if he does not sell by July payment will double. His problem is not "crashing values", it's the carrying costs/transaction costs/mortgage cash flow dynamic vis a vis what he can sell it for. For buy and hold/build/keep the market is not an issue. For those who lived on the edge, problems for sure.
I am hoping for some great deals this year so I can buy in...I'm long term.
Isn't that the way the cookie cumbles sometimes?