From Arizona: Only some get soaked as home values dive.
The hardest hit are sellers like Paul Joray and his wife, Jacqueline Caul, who listed their house in Maricopa for sale in December for less than they paid for it in 2006.
The couple, retired university administrators, bought a $719,000 house in Chandler's Ocotillo Lakes in January.
"I'm an economist so we understood that it's a great market to buy a house but not a great market to sell a house," Joray said.
Suppose you were a Grade-A moron. And suppose you were an Economist. But I repeat myself.
They listed their Maricopa house for $359,000, despite spending about $20,000 in landscaping.
Santa Maria, Madre de Dios!
You are losing money on $359K so you doubled down?
Joshua Tree Enema™ Time, and it ain't gonna be pretty!
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