Market Still Painful

A $200,000 or 36% loss in Waldorf since 2004? This story seems far-fetched, but I don't follow Maryland very closely.

This is the story dated November 8th -- Selling A Home When The Value Crashes.

"Angela and her husband bought a beautiful, spacious 5,500-square foot home on a half-acre lot in Waldorf in 2004 for $565,000. ...They put the home on the market for $389,000. Within 30 days, they received an offer for $30,000 less."

This part is telling -- the help doesn't match the hype:

"Angela says they asked their bank specifically about President Obama's loan modification program. They hoped to have the principal reduced or the interest rate lowered, which would allow at least one of them to be able to stay in the home.

But Angela says the bank declined and refused to consider any type of modification and came back with sarcasm.

"We were told we should speak with President Obama directly if we had a problem with them."

Someone else got a nice house for a more reasonable $359K. Hopefully they'll have enough left over to pay the monthly utility bill.