Yeah, it's really toxic paper; the real estate is just fine, it's just not worth what the bank has in it.
I actually understand that the market value of my house has dropped from insane to merely absurd. I moved to CA from the midwest, where my place would be valued at maybe $60k, even in a big city. Prop 13 and population pressure has had very odd results on the economy of the housing market.
Still, flooding the market with discounted "toxic assets" would depress it even further.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
no subject
Date: 2009-04-17 01:46 am (UTC)I actually understand that the market value of my house has dropped from insane to merely absurd. I moved to CA from the midwest, where my place would be valued at maybe $60k, even in a big city. Prop 13 and population pressure has had very odd results on the economy of the housing market.
Still, flooding the market with discounted "toxic assets" would depress it even further.