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Will the economy ever make a come back?!
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couponmom1234
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I think this will last longer, during the great depression we had politicans from both parties that would work together to fix the problems, this bunch of idiots in Washington can't work together, so we are pretty much screwed until we get people in (both parties) that are willing to work together for the good of the people and not their parties.
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The "bad" word in there Is POLOTICIAN = CORRUPT & I mean willingly or forced corruption. I do hope this won't last 5 yrs let alone 10-20. KWIM?
After the world wars politicians needed the people for jobs because all other countries were in bad shape, therefore Americans won rights/benefits in and out of the workplace. Now all they care about is the big money they get from wealthy people. So since they don't need us they sold this country down the toilet with trade agreements and cheap labor. The only time they worry is election time or when people protest in large numbers.
Yup, all of this sucks...We are in the same situation Mrs. Mom described....thankfully our property taxes did go down but what I have learned most recently w/this HARP refinance is that my house is now worth 35,000 less than what I paid for it in 2004...like Canadia I too would consider walking away but the thought of this mortifies DH. I understand his side of it too but this neighborhood sucks, the school is mediocre and we've already outgrown our little shanty...I still want to try to have one more child and when that happens we will barely fit in this tiny house. It's a lose-lose for me either way...I figure it will take at least TEN yrs. for it to recover and by then my DD will be graduating high school...depressing to say the least...and still DH and I keep going back and forth...I would LOVE To get the hell out! For all those who are judging just imagine if you were in our shoes...it's easy to make assumptions but harder still to live in toxicity from one day to the next.
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We bought our house in 2004. Saved up 20 percent, didn't buy nearly as much house as our broker (DH's BIL) said we could afford. Even after I was laid off we've never had a problem making payments.
Now, our entire $40K downpayment is gone and we'll be lucky if we don't have to bring $10K to closing to sell this house. It needs around $10K in updates we'll never get back in a sale, but can't sell it without (kitchen, bathrooms, exterior trim).
There are two foreclosures on our street. One the family just moved out, and the other is waiting to be kicked out. It's been at least 18 months for both of them. The last house in the neighborhood comparable to ours sold for about $60K less than we paid.
We need to relocate in a year or two out of state for the job DH has lined up (and yes, taken out a crazy amount of student debt for, but less than his first year's salary).
Now, our entire $40K downpayment is gone and we'll be lucky if we don't have to bring $10K to closing to sell this house. It needs around $10K in updates we'll never get back in a sale, but can't sell it without (kitchen, bathrooms, exterior trim).
There are two foreclosures on our street. One the family just moved out, and the other is waiting to be kicked out. It's been at least 18 months for both of them. The last house in the neighborhood comparable to ours sold for about $60K less than we paid.
We need to relocate in a year or two out of state for the job DH has lined up (and yes, taken out a crazy amount of student debt for, but less than his first year's salary).
Soooo.............can I get a thanks if this economy sucks monkey balls (for the most part)? Even if you're like crdnlsfans, they prolly lost a butt ton in their 401k like we did. BUT I am happy to report that we're back to making money.............we've recovered.............HOW, I do not know. :dunce:
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My taxes went down a bit this year, back to where they were in 2009. So that is nice. If the fair cash value is what they estimate my house is worth then we did well. FCV is 75% more than what we paid.
We did buy a short sale, went FHA so we only needed 3% down, we had money for closing costs and we got the $8000 rebate. So the government basically paid for us to buy the house. As our mortgage guy said, we bought our house for free. We got back everything we paid out of pocket.
ETA: I checked zillow which I know isn't really accurate, and it says my house is worth $30,000 more than we paid.
We did buy a short sale, went FHA so we only needed 3% down, we had money for closing costs and we got the $8000 rebate. So the government basically paid for us to buy the house. As our mortgage guy said, we bought our house for free. We got back everything we paid out of pocket.
ETA: I checked zillow which I know isn't really accurate, and it says my house is worth $30,000 more than we paid.
hear hear. monkeyball suckage! (and please appeal the taxes on both your houses; that's driving me nutz) crdnlsfan got a great deal and I'm happy for her, but her getting in when prices are low is at the expense of many homeowners like you and me who bought mid-bubble. We weren't stupid; we (like our parents did when they bought houses) thought we were making the right choice at the time. and now you and I (and red and canadia and so many others) are doing what we can to salvage from the wreckage and move on with our lives and do what's best for our families.
But mrsmom, I am wondering how, if you paid $87k for your rental, how do you owe $114k now? HELOC?
Ohhh..........yeah. Ok. So a few years after buying our house, DH's childhood friend came over. He was in the mortgage game. He talked DH into refinancing for more because "with this economy our house will be worth more soon" and gave us a check for the difference. I was totally against it...........we got in a fight. This "friend" (****er) did some slick talk and DH trusted him so he did it. Here's the kicker..............my name wasn't on the refi because "Since you don't work, you're of no value on this deal.". (major fight happened). ANYWAY I had 2 toddlers at the time so I flew up my arms and said "WHATEVER!!!!!!!!!!" So he did the deal. It was an "arm" meaning for years now we've only been paying the interest (around $300/ month).
In the end yes, it is our fault but we didn't know about this stuff............which is why we trust people who do (or so we thought). My only happy thought (although ****y) is that the mortgage "friend" lost his **** and he and his wife and 3 young boys are SOL. Their (huge) house went to auction. His parents have been paying their utilities and took out a huge 401k loan to help them.
This is us.
It has really hit me this month because I just learned there is a home for sale on our block, short-sale preapproved by lender to sell for just under half of what we paid. It is a townhome identical to ours, except NICER inside.
According to Zillow....our house value has gone down $9,300 in the last 30 DAYS. That is more than 5 percent of what we paid ($175K) 4 years ago. I don't even know if that takes into account the fact that the house nextdoor has been vacant for more than a year. And has mold in the basement.
I need to read more about my options. I checked and our mortgage is not owned by Freddie or Fannie so we couldn't do HARP even if we wanted. My problem is DS16....want him to finish HS at same school.
Plus moving stinks and we're comfortable here, in spite of its problems.
mrsmom, I know you are going to hate me for this comment, but stock prices being low are the best thing that can happen if you aren't near retirement age. Love the fact that the market crashed. In 2008, DH and I were 23/24 which is a prime time for investing in retirement. I will take buying low at age 24 any day. Why wouldn't someone want to buy more stocks at a lower price than fewer stocks at a higher price? Now if prices would stay low forever or we were near retirement age, it would suck.
Why would I hate you? You're lucky, not smarter because you're the age you are. It had nothing to do with you. We're 38 so not near retirement either. Our 401k did bounce back.
ETA: and again, you don't have a house that you invested in that took a hit. I hope the economy doesn't tank again when you're 60.
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This reminds Me of my Dad asking Me If I wanna cash In my Life Insurance policy when I turned 18. All of the others did for a couple hundred bucks. My reply to Dad was No, I'm gonna die what the hell for? I still have It & I'm forty. Dividends pay for Itself. Past & Future are on my mind. I'm not a follower. I Thank my Angels.
Why would I hate you? You're lucky, not smarter because you're the age you are. It had nothing to do with you. We're 38 so not near retirement either. Our 401k did bounce back.
ETA: and again, you don't have a house that you invested in that took a hit. I hope the economy doesn't tank again when you're 60.
Yes, we are very lucky. The economy and life is always changing and you can never tell when things will be good or bad, so I'm always going to go with saving and living below our means.
I bought at the peak (not more we can afford) and since then the school district has taken a major dump. I could take a huge loss to move but I'm afraid I'll regret it. I feel very unsettled about the whole situation but I have to remember that things could be much worse....
well (as you know) you got a chunk of change at that time that raised the amount you owe; you can't blame that additional chunk on the economy. So personally I would look at it like you owe what would be left on the original mortgage, in which case you probbaly wouldn't be underwater after making a down payment and 12 years of monthly payments.
Your friend does suck, but I think that of anyone who sells out their friends for money, whether the suction pump is a life insurance salesman, Pampered Chef rep, CandleParty/tupperware/MaryKay/WickerBasket peep or a house refi pressure :quotes:friend:quotes:.
So what did you do with the $$?
I typed some stuff and erased it.
The short answer is, no, the economy cannot bounce back without redenominating our currency. Our deficit has outpaced our annual GDP - if every dollar everyone makes in the country was taken in tax it would not pay what we owe. We our outborrowing our earning power and have been doing so for about 40 years, sooner or later the party will implode.
The short answer is, no, the economy cannot bounce back without redenominating our currency. Our deficit has outpaced our annual GDP - if every dollar everyone makes in the country was taken in tax it would not pay what we owe. We our outborrowing our earning power and have been doing so for about 40 years, sooner or later the party will implode.
A friend of mine listed her house in Deerfield a few months ago--she got over what she was asking--it sold in 3 days and there was a bidding war.|
Being in a great school district makes a huge difference
Not sure what ours would sell for--but it doesn't matter--we are staying put-no plans on moving.
Being in a great school district makes a huge difference
Not sure what ours would sell for--but it doesn't matter--we are staying put-no plans on moving.
M
mickey134870
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I have been thinking about downsizing in the near future. Then I look around and see all the "STUFF" and think no fng way. Soooo not willing.
