My house is worth how much?
If ever there was a clip that illustrated the absurdity of the housing bubble, it is this one here.
In this clip, we have a woman who bought a house for around $750,000, and needs some cash to renovate it. Along comes the home appraiser and tells her that after two years of ownership, the house is now worth $1.3 million. Furthermore, if she does a couple of quick and cheap repairs, the house's value increases to $1.6 million.
At no point is this appraisal tested against the market. No, this appraisal is about a home equity loan. The whole thing is pure fantasy.
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3 comments:
i wonder how much is tax and insurance. Let's see tax alone is $18,850. Waterfront home. No SOH for new buyer, your house is worth $500,000.
Really seems like a fantasy..
Idaho Real Estate
I don't know how much any house is worth. I do know that its much less today than in 2006.
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