Quote of the day – bought cheap, upside down

Realtor Bob Darrow was updating me on market conditions this morning when he volunteered the following re his Lake View townhome:

With the latest round of price declines even I’m upside down and I bought cheap 10 years ago.

Market activity, if not prices, has picked up recently, according to Bob. “It seems that it got busy in June, so the lull after the expiration of the tax cred is over. But I’m seeing surprising softness in prices, with 10% reductions on everything I’ve done since the end of April.”

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