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Perhaps many of CDers can relate to my situation here. I presume we all remember the market crashed in '08 and that everything plummeted. Prior to that year, '07, I made a purchase on a single family house in a city full of potential for an investment for $490,000 (listed for $560,000); JUST BEFORE the market went south. How bad timing could it be? Came 2008, immediately I was under water by not just an inch deep but a couple of meters deep. From food, retails, cars, real-estates and so forth during '08 was so cheap. I was just gradated from an in-state University and had saved up to purchase that house and 'til this day, I wish I could have made the purchase just one or two years after '07. I was also a victim of those lenders that allowed me to loan more than I could afford . I know, if we all can tell what the future holds, we would be rich right?
Have you ever had this experience? Does it still bother you 'til this day? Right now my house value is close to what it was in '07, but with all the interests and taxes paid I wish I never bought it. It is a mistake that really bothers me for the rest of my life.
Perhaps many of CDers can relate to my situation here. I presume we all remember the market crashed in '08 and that everything plummeted. Prior to that year, '07, I made a purchase on a single family house in a city full of potential for an investment for $490,000 (listed for $560,000); JUST BEFORE the market went south. How bad timing could it be? Came 2008, immediately I was under water by not just an inch deep but a couple of meters deep. From food, retails, cars, real-estates and so forth during '08 was so cheap. I was just gradated from an in-state University and had saved up to purchase that house and 'til this day, I wish I could have made the purchase just one or two years after '07. I was also a victim of those lenders that allowed me to loan more than I could afford . I know, if we all can tell what the future holds, we would be rich right?
Have you ever had this experience? Does it still bother you 'til this day? Right now my house value is close to what it was in '07, but with all the interests and taxes paid I wish I never bought it. It is a mistake that really bothers me for the rest of my life.
Have you been living in your house since 2007? What would it have cost you to rent a comparable house? Just to use the round figure of $1000 per month, you are looking at close to $100,000 in housing costs that you still would have had to pay.
I am not downplaying your feelings that you thought you'd be a lot more ahead in home value by now, but I don't think it's as bleak you think either, although yes, you did get hit buying at the wrong time.
Have you ever had this experience? Does it still bother you 'til this day? Right now my house value is close to what it was in '07, but with all the interests and taxes paid I wish I never bought it. It is a mistake that really bothers me for the rest of my life.
Yes.
We bought a fixer upper. So we bought over asking. (Asking was 130K, loan was 150K, House value at 175K) We fixed it all up. Hurricanes hit. (We were in Orlando) Four of them. Spent another 10K in house as insurance paid very little. But neighborhood went up in value to about 250K during the bubble so we weren't worried. Then bam.
Long story short, I just looked up values today before posting this and it's at 44K. Went up from 27K when I left the area. And yes I am not missing a 1. I feel REALLY badly for those that bought in at 250K-300K in the height of the bubble.
I hope it won't bother you for the rest of your life. Things happen (as Forrest Grump would say, "--it happens" ). A lot of people do not realize how bad things were in 2008. They called it the Great Recession (didn't want to use the term Depression). Many people lost everything they had, including their jobs.
I hope instead it will be a learning experience. You went into the deal thinking you were going to make money and you didn't. You are not the first and won't be the last. But you are young. Plenty of time to recover. Next time you will be more conservative.
As emm74 said. If you have been living in the house since 2007 the deal may not have been as bad as you think. You had to live somewhere and living is an expense.
Right now my house value is close to what it was in '07, but with all the interests and taxes paid I wish I never bought it. It is a mistake that really bothers me for the rest of my life.
Then you should consider yourself lucky. You haven't made a lot of money on it but...oh well. You're in a lot better position than many. That's the way you need to look at it. Life goes on.
I know your timing couldnt have been worse, but as another poster said, you had to live somewhere during all that time, so its not as bad as your thinking it is.
I know your timing couldnt have been worse, but as another poster said, you had to live somewhere during all that time, so its not as bad as your thinking it is.
Plus, oftentimes, renting a comparable house would have cost you more than your mortgage payments. Have you been able to pay down the mortgage much? If you have, that is certainly a factor in your favor.
You could have been a millionaire if you had just bought a ticket with the winning numbers!
You can make yourself unhappy thinking about what if or comparing yourself to others. Your primary house should always be first and foremost a home. Ask yourself this do you like you house and like living there? If so what is the problem? You made it through tough times! Be proud be happy! That interest etc is your living cost for the past 6 years.
You made wrong decisions about how much you could afford but you made it through. You learnt a lesson and are better for it.
Furthermore a house is a long term investment. Even 6 years is short term for a house. In 10-20 years time you could make a lot of money on it.
Same with stocks. I sold some for a profit a year ago. I would have made double if I kept and sold it today. So what? I was happy with the profit I made a year ago. I didn't want to risk the money and I didn't lose anything. It could have easily gone the other way.
I'm 20, which means I was in high school when this mess started. My parents bought our house in 2005 for $420,000. The economy crashed and people that were selling in our neighborhood were doing it for about $225k-$250k. They sold it in 2012 for $320k.
Every time I drive past it, I'm brought to tears because I want my house back.
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. I know, if we all can tell what the future holds, we would be rich right? 
