Meet Janet Faello (and pop a Zoloft): The 53-year-old divorcee with two daughters in college has been trying since May 2007 to sell her and her ex's Long Island 6-bedroom home. Her initial asking price was $829,000, then $750,000, now $699,000. Care to guess how many offers she's gotten? If you said anything more than zero, you're not depressed enough. Faello, whose experience is emblematic of the current housing implosion, is stuck in the home, surrounded by memories of her failed marriage and steep property taxes. She tells the Times, "I’m not ashamed to say to you, I have had to borrow money from my father."The article paints a bleak portrait of NYC suburbanites who feel like hostages in homes they can't sell. Pending home sales in the Northeast fell 14.5% from December 2007 to December 2008, and are not expected to "hit rock bottom" for at least another year. As one frustrated Connecticut home seller puts it, "Sometimes dreams just blow away." For further reading, curl up with a bottle of pills and George Packer's disturbing article about Florida's housing apocalypse.
Economic Deathspin: Would-Be Home Sellers Feel Trapped
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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