For the first time in 60 years, we in the U.S. owe, on average, more than half of the value of our homes.
Most of us started out owing 80% of the cost of our first houses. Well, that was the case a few decades ago. We needed 20% down.
Now, there are or recently were mortgages available for 10% down payments.
Then began the taking of equity moves. Unfortunately, many have taken out more equity than there remains now.
It is a buyer's market. Most home values have declined.
There is a website: zillow.com
Many towns are covered by their service. They give comparables and tell which houses in the 'hood have sold recently or are for sale currently.
I have watched our house peek and decline on this website over the past year. I'm grateful we are not selling now. But I have learned that the house up the block sold for nearly asking price. That's a good thing for all of us in this nearly 40 year old subdivision.
'til later
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