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Old 09-16-2008, 02:02 PM
 
Location: "The Sunshine State"
4,334 posts, read 12,717,728 times
Reputation: 3044

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Quote:
Originally Posted by todd72173 View Post
I think we are heading towards depression. Nobody wants to admit it, but show me something that proves otherwise. This country is a disaster and no, its not the same as other times when housing market went down. This is totally different than before. Prepare for the worst and expect it.
I agree Todd....I see the writing on the wall. Politics will also play a big part in a bigger downfall...but I will not even go there! I just hope the citizens of the USA are smarter this time around!
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Old 09-16-2008, 02:59 PM
 
Location: The Garden State
903 posts, read 2,590,395 times
Reputation: 800
There's an old saying....."It's a recession when your neighbore lose's his job but it's a depression when you lose your job".

I really can't see home price's coming down as dramaticly as as people are predicting. The way I see it everything is going up, building material, trasportation, ect... I just can't see everything else going up in price and housing going down. I can see it in going down in the short term but not for people who plan on holding on to there homes for the long term. Anyway thats just my opinion.

I'm just glad I listened to my Dad when he told me to learn a trade so I would always have something to fall back on. I know I'm going to make sure my kids learn a usefull trade that can't be outsourced just in case.
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Old 09-16-2008, 03:02 PM
 
5,340 posts, read 12,987,119 times
Reputation: 1173
Stone - that's a very smart idea. Learn something that can not be off-shored. Not bad advice at all.
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Old 09-16-2008, 04:47 PM
 
Location: New Milford, NJ
1,452 posts, read 2,947,950 times
Reputation: 1009
To EEPNJ,

Yes, I had help from my parents, but perhaps you missed the part where I said HOWEVER, I could have refinanced the house and afforded the mortgage anyway ALL BY MY LITTLE LONESOME SELF, because although my son was kicked out of daycare, I eventually took a weekend position at my job to make extra money and eventually by working weekends and nights and all kinds of hours my ex and I had roughly the same income. We bought the house in 2000 (I did all of the mortgage financing by myself) at a time when the real estate market here was already ridiculous and climbing before I was able to earn as much as he did, that took several years.

I financed this home with the idea that if only one of us could work (ie, one of us was laid off), we could still afford to pay all of our bills plus the mortgage.

My ex was often "laid off" by choice, so I had to revert to full-time employment and give up my weekend program to obtain medical benefits for all of us and pay the mortgage on multiple occassions. My work history goes a little something like this: 9 years at my present job, started out full-time, had to go part-time within the first 3 months of employment to work around his schedule and because my son was difficult, my manager reduced my hours to per diem, then I went to the weekend program, then full-time, then back to the weekend program, then full-time, then weekend program, then per diem when the weekend program was eliminated, then part-time (I was offered full-time but at the last minute had to turn it down due to problems with my son's ADHD and tics and meds and falling grades).

I make do on a part-time income and some child support. I pay $465 a month for FAMILY benefits for 2 young healthy people (part-time fixed rate ).

I didn't get GREEDY and buy the most expensive house we could have qualified for and buy everything else on credit. I also didn't use my home equity like cash.

My co-worker has a sister-in-law in Port St. Lucie, FL, who although they are heading for foreclosure, she still had a $500 special disney princess party for her daughter (and she doesn't work). You don't have princess parties when you are about to lose your house, you get a job and pay your own bills. This is why I am opposed to bail outs; they also drive around in new cars and live entirely off of credit (I bought my car cash and have had for 6+ years and counting now even though I was hit and the water leaks in the door every time it rains).

As a previous poster stated, it's "the one who dies with the most toys" wins mentality that is driving us into this recession.
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Old 09-16-2008, 04:52 PM
 
Location: NJ
12,284 posts, read 32,995,486 times
Reputation: 5262
Quote:
Originally Posted by onegreatnurse View Post
To EEPNJ,

Yes, I had help from my parents, but perhaps you missed the part where I said HOWEVER, I could have refinanced the house and afforded the mortgage anyway ALL BY MY LITTLE LONESOME SELF, because although my son was kicked out of daycare, I eventually took a weekend position at my job to make extra money and eventually by working weekends and nights and all kinds of hours my ex and I had roughly the same income. We bought the house in 2000 (I did all of the mortgage financing by myself) at a time when the real estate market here was already ridiculous and climbing before I was able to earn as much as he did, that took several years.

I financed this home with the idea that if only one of us could work (ie, one of us was laid off), we could still afford to pay all of our bills plus the mortgage.

My ex was often "laid off" by choice, so I had to revert to full-time employment and give up my weekend program to obtain medical benefits for all of us and pay the mortgage on multiple occassions. My work history goes a little something like this: 9 years at my present job, started out full-time, had to go part-time within the first 3 months of employment to work around his schedule and because my son was difficult, my manager reduced my hours to per diem, then I went to the weekend program, then full-time, then back to the weekend program, then full-time, then weekend program, then per diem when the weekend program was eliminated, then part-time (I was offered full-time but at the last minute had to turn it down due to problems with my son's ADHD and tics and meds and falling grades).

I make do on a part-time income and some child support. I pay $465 a month for FAMILY benefits for 2 young healthy people (part-time fixed rate ).

I didn't get GREEDY and buy the most expensive house we could have qualified for and buy everything else on credit. I also didn't use my home equity like cash.

My co-worker has a sister-in-law in Port St. Lucie, FL, who although they are heading for foreclosure, she still had a $500 special disney princess party for her daughter (and she doesn't work). You don't have princess parties when you are about to lose your house, you get a job and pay your own bills. This is why I am opposed to bail outs; they also drive around in new cars and live entirely off of credit (I bought my car cash and have had for 6+ years and counting now even though I was hit and the water leaks in the door every time it rains).

As a previous poster stated, it's "the one who dies with the most toys" wins mentality that is driving us into this recession.
don't break your arm patting yourself on the back.
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Old 09-16-2008, 05:14 PM
 
1,110 posts, read 4,060,982 times
Reputation: 425
Its not all about the housing issue. What about all the outsourced jobs? What about the high cost of fuel? What about our huge deficit? This has nothing to do with the housing market. There are tons of other issues effecting our economy.

Im not a home owner (thank god) and I am still get walloped by things going on in this trash economy.
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Old 09-16-2008, 05:14 PM
 
1,308 posts, read 4,292,037 times
Reputation: 240
Quote:
Originally Posted by tahiti View Post
don't break your arm patting yourself on the back.
Lol too funny ............
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Old 09-16-2008, 11:23 PM
 
1,914 posts, read 3,239,966 times
Reputation: 1087
Flippers have nothing to do with what is going on in the housing market.

The frigging morons who make $50K a year and thought they could afford a $350K mortgage didn't either.

The banks who LENT unqualified people these huge amounts of money at ridiculously cheap rates are the ones to blame. And now everyone ELSE has to pay for it.

THIS is the MOST viable market for ANYONE to buy waaaaay under market value. Better for real-estate investors (those in it for the rent or long -term before flipping...commercial real estate is a deal and a half these days....if you can afford it) than flippers.

The mortgage lenders/banks screwed it all up. How do you lend somone who barely has a job - $350K to buy a piece of crap house in a piece of crap neighborhood? 8 months after closing on those types of loans those banks were handing out notices of Lis Pendens to those same people who could never afford the loan given them to begin with. Today...the banks give someone in arrears, about 2 months before they file. Second mortgage holders are worse...if they don't file before the primary...they won't see a dime so they give you about 30 days notice before filing an LP.

It's just NOW where the banks are scraping by to collect on any and every loan that you see foreclosure rates up so high. Assessments were generous...now it's all reversed. You can't even re-fi...some homeowners who just bought are bottoms-up...they owe more than their house is worth and if they have a 2nd mortgage...they're just that more in the hole.


I had to go to my bank today (small neighborhood bank) and diversify one of my accounts b/c SHOULD the bank go belly-up...I'm only insured up to a certain amount. I spent 2 hours filling out papers. I had to open up several different accounts to make sure that should this bank lose it's shirt...my family wouldn't.

I didn't even think about that until a friend of mine told me that her husband had to do the same the day before....so if you have any money sitting in a bank, make sure it's insured up to the penny...and if not...split it up or take it out and shove it under your mattress!


Thank the greedy lending houses for the state of the economy. And the greedy house builders like Toll Brothers and K-Hovnanian, etc.
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Old 09-17-2008, 07:13 AM
 
5,340 posts, read 12,987,119 times
Reputation: 1173
You know there are so many issues...the outsourcing of jobs is HUGE! A huge problem in our current economy. Trust me, working in HR I can see that it is a much different job market today. It's MUCH tougher to get a job. And the theory of "you adapt" does not really work because even if some new jobs are created (where????) for every 100 that leave the US there may be 2 created. And those 2 are likely to be lower paying. Trust me, I see it DAILY in my field and with the people applying at my company and from my friends in the field. Things are NOT good.

People always talk about people "bleeding" the system ... we're not talking about that. We're talking about good, decent, hard working people who WANT to work and but the food on the table, but they are being denied the opportunity to do just that. THAT is a sin in my opinion.

I have a friend who is about to get divorced because of the stres the above situation is causing. I'm sure she is not alone. And you know what, divorces ALSO lead to more houses on the market and so continues the cycle.

Just bad lately.
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Old 09-17-2008, 07:23 AM
 
526 posts, read 1,289,126 times
Reputation: 74
Quote:
Originally Posted by EEEPNJ View Post
You know there are so many issues...the outsourcing of jobs is HUGE! A huge problem in our current economy. Trust me, working in HR I can see that it is a much different job market today. It's MUCH tougher to get a job. And the theory of "you adapt" does not really work because even if some new jobs are created (where????) for every 100 that leave the US there may be 2 created. And those 2 are likely to be lower paying. Trust me, I see it DAILY in my field and with the people applying at my company and from my friends in the field. Things are NOT good.

People always talk about people "bleeding" the system ... we're not talking about that. We're talking about good, decent, hard working people who WANT to work and but the food on the table, but they are being denied the opportunity to do just that. THAT is a sin in my opinion.

I have a friend who is about to get divorced because of the stres the above situation is causing. I'm sure she is not alone. And you know what, divorces ALSO lead to more houses on the market and so continues the cycle.

Just bad lately.
That is what New Jersey has been doing for years. Trading 100K jobs going out of the state, for 25K jobs coming in to the state. Not sustainable.
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