LET ME STATE YOUR FATE IN O8Selling record amounts of homes in the 80’s and 90’s allow me to gauge the pain in 08. The previous top of the market in SC was 89, the bottom 95 and we did not get back to 89 prices until 98. This time we have better employment and interest rates but more “don’t wanters” in banks and upside down owners. They call the agents, say dump it or short sell it, new comps are established and all the owners that shouldn’t be able to have Discover cards have another reason to walk without impunity except a bad credit mark. So marry rich, or keep your nose clean and three years after your foreclosure you will be in the game again. Plus you keep the 6 months of payments you did not have to pay. It will be a slow train wreck until 09, so if you are slowly bleeding get out, if you love it and can afford it stay there. In the meantime cry poor mouth and negotiate with the bank for a mercy modification. Most important, save your money and start buying in 09 because all the rich people that I know bought lots in 95. Lots of short term pain, but never bet against SC real estate long term – the whole world still wants to live here.