For those that bought a house in 2006 or 2007

[VuDOo]

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I started residency in 2007 and I remember that there were some good discussions about renting vs buying. There were also people that were going with interest only ARMs and other non-traditional mortgages.

How is the market in your area? Are graduating residents having a tough time selling?

There are still two residents that graduated in 2008 that haven't sold their homes yet and three from this year. I have a feeling that 2010 is going to be much, much worse for those that have to sell.

 

[sgtbrushes]

I'm not sure specifically about residents, but in the country in general, the housing market's pretty bad, and in the state where I live, the economy is horrible, so the housing market's that much worse. Hopefully, you only have one mortgage on your house. But I can almost guarantee that in order to sell your house now, you're going to have to accept less than what you paid 3 years ago. Which means you're either going to have to short sale it or fork over a wad of cash to the bank to pay the difference.

Unless you live in a fluke area of the country, you will have a tough time selling.