Wednesday, 13 February 2008

U.S. Housing Bubble? : 220.000 euro for a fully furnished and 120 m2 house...

"When Mary Kamanu paid $409,000 (274 000 euro) for a house in Folsom, California, she never imagined that three years later it would be worth about 20 percent less and she would have to pay the bank more than $80,000 just to sell the place."

"`I'm completely upside-down on my mortgage, like a lot of people,' said Kamanu, who wants to move 12 miles away to live with her fiancé in a suburb of Sacramento. `I know I'm going to have to come up with a big chunk of change.' "

Kamanu said she doesn't want to put her life on hold until the housing market improves. She's planning a sunset wedding later this year on the beach at Folsom Lake, about half a mile from her property, even as she waits for a buyer.

"She said she's willing to sell the three-bedroom, two-bath, 1,272-square (120 m2) foot house fully furnished and include two wide- screen televisions to entice a buyer. The home has a fireplace and a two-car garage."

"``I'm hearing it might be a year or two before the housing market comes back, and I can't wait that long,'' said Kamanu, 38. ``I'm relying on luck, hoping that someone will come along and fall in love with the house, like I did.' "

So this house on sale for 220.000 euro fully furnished and 120 m2... Who is saying that there is a housing bubble in the U.S.?

Source: Bloomberg

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