It starts at the bottom and works it's way up.

[EconE]

Sold 12/1997 for $74,000
Sold 11/2006 for $276,500

Current asking price $99,750

http://www.redfin.com/WA/Seattle/6213-C ... ome/476637

Learn to follow the foreclosure patterns.

It is VERY specific from what I'm seeing in L.A.

The banks make their way around to the better neighborhoods in time...but they start with the worst streets

[Hector]

Wow, look at that properties history. Good point, bottoms up folks!

And yeah, they couldn't have started in a worse neighborhood. Even in my decent neighborhood of new homes, of which I am renting one, I am watching them sit foreclosed or vacant at 100k less than they sold for 18 months ago. Yet the one I want the bank isn't budging on...

[TheMightyQuinn]

Is that a dryer on the porch?

[wreckingbull]

Uh Oh, cue angry Angie rant in 3....2....1.....

I'm running for the back door while there is still time.

[rose-colored-coolaid]

[biliruben]

Man, you guys are picky. Near Georgetown Brewery and convenient to Boeing Field. Think about how much you can save drinking $8 fresh jugs of Manny's all day and night. Drink enough, you won't hear the whine of the engines.

Glad to so low rents in the low-rent district.

[Angie]

You rang?

OK, you guys got me. I've got to concede that you get much better value in the pastoral north end, for instance:



20% less than that Georgetown place, but no dryer in sight.

[PublicEnemy#1]

Angie,

Just don't take it out on us when you find out your current house is worth $50K by 2011.

Enjoy it while you can!

[Angie]

I won't...'cause that's how much I'll still owe on my mortgage in 2011!

[PublicEnemy#1]

So,

If that happens, then you truly will just have been the bank's renter since the time of purchase and any down payment will have just been confiscated.

I think your rate of return would have been better in CD's.

[Angie]

Ah, grasshopper, you still do not understand. A few short years later ...the mortgage will be paid off.

Your landlord will expect you to continue to pay rent, regardless of whether he or she still owes on the building where you reside.

[PublicEnemy#1]

When have I ever said I was renting?

Just because I didn't buy in an overheated market like Seattle doesn't mean I am not a homeowner.

As it happens I am a homeowner, but I bought in an area that wasn't an overheated market and hasn't been hit by mass layoffs and isn't likely to, given the industries that are predominant here.

Keep thinking positive and happy thoughts Angie! It's the only thing that will keep you from drinking heavily over the next decade as your house value never recovers to 2007 levels in adjusted dollars.

The great thing is, I will never be forced to watch my home value self destruct because I bought in the wrong area of the city.

I somehow doubt you will be able to do that, ever!

[ira s]

Public Enemy...Now you got me curious. Where is the house you own?...

And do you believe that there are areas of the city or region or nation that are relatively unaffected by the rise and fall of real estate values?
I'm not asking because I have an opinion. I'm merely curious.

[rose-colored-coolaid]

Just thought I'd chime in that most people are renters. Even you Angie...at least until you do pay off your home. Probably 75% of the population are renters overall.

[Hector]

If you can't say something nice...