Kurt Freck didn't need to see the latest numbers to know that the housing market is getting worse.
He's had the Anaheim Hills home he bought in 2003 on the market for nearly a year and has lowered the price by $100,000 -- a 12% discount from his original asking price of $849,000.
"The good thing is that I paid less than that, but I have definitely lost equity," Freck said. He bought the house for less than $500,000 four years ago.
Freck's story is becoming more common as fewer people have been willing to buy a house at current prices.
Is this guy for real??? Please tell me this is a joke!
The guy paid $500,000 for his house in 2003, and in 2006 he lists it for $849,000 believing he deserves to make a $349,000 profit for residing in the house for 3 years. After no interest in the home for a year he decides to be a real trooper and cut the price by 100K and now only demands a mere $249,000 profit.
If you think the market is bad now, wait until 2009 when your place is worth 450K and you really "LOSE" money. You had your chance to profit from the bubble and you blew it because you got greedy.
Remember Kurt, Greedy Pigs get Slaughtered in the end.