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It has been said the greatest wealth transfer of our life time since the Great Depression is occurring right now. The question is do you want to be part of the wealth or transfer your hard earned wealth to someone else? The truth is someone is going to buy your dream home and get the best bargain and interest rate they have ever seen. Hopefully that someone will be you. The problem is saving won't save you. The funny thing is owning a new home will save you money. Sounds illogical but it's kind of the same way people look at stocks. When the stock goes down they buy more. It's called dollar cost averaging and it works the same way with real estate. Let's say you buy a home in 2004 for $100K and instead of selling buy almost the exact same home next door for $50K out of foreclosure in 2011. So then you now have two homes worth $75K. Let's say the value for your area is $75K then essentially you have balanced your loss to zero.
Another way to look at it is instead of buying the home next door you buy a home in a great neighborhood and school district for $200K. Then, rent your current 2004 house for what your monthly mortgage is equivent too and hopefully in the next few years you can sell for what you owe or even make a profit.
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For Sale: $249,900
For Sale: $415,000
For Sale: $124,900