My sister owns a home in Hisperia, CA. She paid 280,000; it is now worth about 115,000. Se will never get her money back.
Funny thing is, when she was building it I asked her what she would do if prices reversed, and she said, "I'll flip it". She really didn't know anything about real estate, but she was selling houses and being successful back when everyone was successful.
She doesn't live in Hisperia any more. The house will be sold this year sometime. Take what she can get.
Only one is rented by a daughter now, the other two by others. The good news is, they have had great luck with long term tenants.
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