Fitzpeezy

Your not stupid, but you did make a mistake. However, if you can wait it out, you will eventually see a positive return on your investment. The mistake you made was not researching the property more in depth, but you know that now so...lesson learned. Ignore the disgruntel home buyers who have obvioulsy been burned by real estate agents or who have most likely lost their home to foreclosure. The problem right now is do to the high volume of people who should have never even been qualified to buy a home, who are foreclosing. The market "looks bad because of the high volume of bank owned properties listing for lower than the appraised amount. And because they are bank owned, they are sold as-is, and in most cases not cleaned/upgraded/staged to show properly, making an already weary buying market less inclined to buy. The outcome is, renting is up and at record low rates, and high volumes of homes are sitting...unsold...for less than their worth. Bottomline, 1 million houses will not sit vacant for long, when they are sold, the market will stabalize and property will begin to appreciate. With that said, even though I believe real estate agents don't care wether or not you can afford a home as-long-as you can qualify and close so they can make commission, they are right about the news just reporting the negative. The Nation is currently in a scenario where the statistics can be interpreted both ways, and CNN will always run the story about the trainwreck before it runs one about a sunny day. - Sat Apr 26 2008, 20:29