Langley Realtor – “Too many homes have been used at ATM’s. It’s sad.” … “It’s the ’80s all over again; it’s already begun.”

From Langley realtor Suzanne, in an e-mail to Garth Turner, as quoted at greaterfool.ca 15 Aug 2010“Three years ago it was worth $520,000. Now the house in Langley sold for $699,000. But the owners won’t come out with anything. Too many homes have been used at ATM’s. It’s sad. And when the commission is calculated, the $21,000 owing will make them claim bankruptcy if they can’t sell it on their own. And with what’s coming, there won’t be much chance of that. It has already begun. It’s the ’80s all over again, but with mortgages at 5%, 6%, 7% – not 22% and the lower debts and home prices we used to have.”

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