Yep, you guessed it. This is the value of my family’s principal residence. My net worth has gone down $3 million from this one asset over the course of three years. In other words, the value has been thrown back to 2015. Worse yet, anyone see a head & shoulders pattern? I sure do! I can only take comfort that we bought it in 1991 when it was half a million bucks, and there are countless poor bastards that paid the sickening values at the peak who actually HAVE lost millions (instead of just lacking millions that were never really there in the first place). Imagine having a mortgage bigger than the value of your house AND having to pay property taxes twice a year based on the inflated price you paid! Oh my gard.
The irony to all this being, of course, that Mr. Permabear here is finally seeing asset values drop, and he’s getting his ass kicked as well! Yowzah! Oh, and just in case anyone is wondering what happened with my next door neighbor trying to sell their place……….
Let’s just say there weren’t any takers.