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Old 11-10-2008, 08:40 PM
trent trent is offline
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Join Date: Jun 2008
Posts: 387
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Most homeowners still live in fantasyland and think that their homes are worth much more than somebody is actually willing to pay for them. What happens when the majority of the homeowner herd comes to realize that their homes have lost a large percentage of the paper value they once had?

I've just posted a new thread about homeowners living in denial, refusing to accept that their houses have lost lots of value in the current housing downturn. I personally have a friend like that, who insists that he's house is special, the area he bought in is special and the values can't go down there. This is sad and funny at the same time, sad because many homeowners will have to come to terms with reality and admit that their precious houses lost them a lot of money, and at the same time is funny because it shows how vein some/most people are (I'm unique, my house is unique, everything I touch is unique, etc.).

As for the Toronto crash, you are right on. I think that we can easily see another 40% down from here. At that point I'll be a buyer, meanwhile I'll patiently hear everybody's rants about the uniqueness of their houses .
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