srinath wrote on 11/27/12 at 09:22:07:Serious gold, cash, houses and cars will be worthless
I bought my house with a girl I lived with at the time.
We went 50/50 on the 20% necessary.
The house was 145k, appraised at 150k. We each brought 15k and then 2k for the jerk off inspectors, mortgage finaglers, etc.
She moved out after 5 years and I did a "quit claims" to buy out her half. The house had depreciated so I only had to pay her 15k and absorbed her 2k plus whatever she had paid into the house.
Then it kept getting worse and worse. I owe 105k on the house. My appraisal last year was 104,930.
I thought that was about right.
I just got a letter saying it's been reappraised at 83,250.
In the blink of an eye I lost ~20k on the house. I now owe more than it's worth. I'm forced to hold on to the property and hope the value comes back up.
My point is that this stuff is already worthless.
--Steve