I "lost" $60K in "value" in my home do to the high rate of foreclosure in my area. It sucks but thats the way it goes. Thats why when you buy a house you need to buy a house you plan to live in for a long time. Houses are not like the stock market. The investment grows over time. Some people can flip one quick and make a buck, but thats not what happens most of the time. I don't plan to go anywhere for a few years and I've owned my house for 3 years now. The house next door to me foreclosed and it was bought for cheap. The young couple have been upgrading it like crazy. They will no doubt flip it for a good profit. Housing is tough. It's an emotional purchase. Mostly people buy more house than they can afford or go house shopping without knowing what there spending limit is and then do anything to get the house they want. Thats where a lot of people get into trouble. I wouldn't sweat it to much. There's really nothing we can do but sit and wait. Oh and have a few beers.
