Quote:
Originally Posted by FoolFromAZ
here house prices in bay area is pretty high. everything is over 500 to 600K. you cant think abt single family home in bay area. I moved to arizona mainly due to cost of living and to buy house. I bought it for 315K which is slightly above average here in arizona as I was making about 85K then, thought reasonable for that price. I feel I should have gone for around 250K or less than that. that way the difference between apartment rent ( around $1000 for a 2 bedroom apartment) and mortgage payment for the house (which is $2000 that I am paying now) would have not been high. As I had lived in bay area before moving here, I thought 315K for single family detached house in arizona was not bad. anyway currently the same house is being sold for 170K which is really killing.
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You should have done your homework better before buying in an area you weren't familiar with. I'm sure you would have found that the housing had a tremendous run-up in price from a few years before, and was due to correct - which it has. I doubt if you have seen the bottom yet. Don't be surprised to find the value go lower before this is all over.
I do wish you luck whatever you decide to do. I would probably forclose if it were me.