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Old 12-30-2009, 10:39 PM
 
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Interested in hearing anyones take or knowledge on the prospect or situation of the economy there{jobs,housing starts,home sales,Etc.} Also been reading that in 2010 A lot of ARM's are going to readjust forcing A lot of foreclosures....Anyone hear this in Springfield???
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Old 12-30-2009, 10:44 PM
 
Location: SW Missouri
15,527 posts, read 29,228,109 times
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Quote:
Originally Posted by jeffdoorgunner View Post
Interested in hearing anyones take or knowledge on the prospect or situation of the economy there{jobs,housing starts,home sales,Etc.} Also been reading that in 2010 A lot of ARM's are going to readjust forcing A lot of foreclosures....Anyone hear this in Springfield???
The economy is better than some places and worse than others. I have noticed quite a spike in unemployment and layoffs in the past couple of months. Something I have never experienced here in the past. Times are hard for many, there is no denying that.

As far as 2010, I have heard that there is going to be another adjustment on ARM mortgages. All the people who could not afford or did not have good enough credit/jobs to refinance the past few years. I expect there will be many more foreclosures. Some neighborhoods in Springfield have two or three foreclosures on every block. Older, established neighborhoods seem as though they were not hit so hard as the newer subdivisions. People around here got "creative financing" loans too, and they will regret it if they cannot refinance into a conventional loan. But banks are tough to deal with right now.

If you are planning to come to Springfield, my advice is to have a job lined up in advance if possible, and don't buy the biggest, most expensive house you can afford. People with modest lifestyles seem to be fairing much better than those who insist on "living large". Just sayin'

20yrsinBranson
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Old 12-31-2009, 06:14 PM
 
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My Son has been down there couple months,living in his Brothers House.He says he has never seen it so Bad.

He did find a Guy that needed Clean up on a Rental and part time Mechanic making $8 an hour.He just went to work for Steak and Shake.

Either way he is just barly getting by.

hillman
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Old 12-31-2009, 07:53 PM
 
Location: SW Missouri
15,527 posts, read 29,228,109 times
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Originally Posted by 1hillman View Post
My Son has been down there couple months,living in his Brothers House.He says he has never seen it so Bad.

He did find a Guy that needed Clean up on a Rental and part time Mechanic making $8 an hour.He just went to work for Steak and Shake.

Either way he is just barly getting by.

hillman
Making $8 per hour is not unusual at any time here. It's just a low-paying area. I called talk show host Bruce Williams once and told him that in this area, an "executive secretary" with five or more years experience is not likely to make more than $10 a hour and he was flabbergasted. Apparently, people in other places have no concept of the salaries around here. Making more than minimum wage is considered "good" and getting more than $9 or $10 per hour is impressive.

Of course, I am talking about "normal" type jobs. Store clerks, secretaries, telemarketers, desk clerks, etc., not high-powered jobs like nurses, engineers, architects, things like that. Of course, they make more.

20yrsinBranson
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Old 12-31-2009, 10:51 PM
 
1,255 posts, read 2,693,962 times
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Quote:
Originally Posted by 20yrsinBranson View Post
Making $8 per hour is not unusual at any time here. It's just a low-paying area. I called talk show host Bruce Williams once and told him that in this area, an "executive secretary" with five or more years experience is not likely to make more than $10 a hour and he was flabbergasted. Apparently, people in other places have no concept of the salaries around here. Making more than minimum wage is considered "good" and getting more than $9 or $10 per hour is impressive.

Of course, I am talking about "normal" type jobs. Store clerks, secretaries, telemarketers, desk clerks, etc., not high-powered jobs like nurses, engineers, architects, things like that. Of course, they make more.

20yrsinBranson
Whats bad here a few years ago my wife was making $14 an hour as a Sewing Machine Operator for Keys in Buffalo.They closed doors and went to Mexico.Production Products subcontracting for Haliburton making Parachutes and Decontaimanation Chambers for our Troops moved into the building.They wanted the best Sewers in the area.

My wife went to work there sewed for years,never got a raise making $8 an hour no benifits.They just closed their doors because (get this) they were underbidded by a company in a foreign country

I was making well over $8 an hour in the early '80's.

hillman
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Old 12-31-2009, 11:13 PM
 
Location: SW Missouri
15,527 posts, read 29,228,109 times
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Quote:
Originally Posted by 1hillman View Post
Whats bad here a few years ago my wife was making $14 an hour as a Sewing Machine Operator for Keys in Buffalo.They closed doors and went to Mexico.Production Products subcontracting for Haliburton making Parachutes and Decontaimanation Chambers for our Troops moved into the building.They wanted the best Sewers in the area.

My wife went to work there sewed for years,never got a raise making $8 an hour no benifits.They just closed their doors because (get this) they were underbidded by a company in a foreign country

I was making well over $8 an hour in the early '80's.

hillman
Totally sucks. I am working part time and putting out 50 applications a week for something full time. It's hard living on $161.00 a week. I'm hoping things improve in the spring.

ETA: Don't I know you from Homesteadingtoday.com ????? wink

20yrsinBranson
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Old 01-01-2010, 12:40 PM
 
Location: New Orleans, LA
1,655 posts, read 2,977,797 times
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Quote:
Originally Posted by 20yrsinBranson View Post
If you are planning to come to Springfield, my advice is to have a job lined up in advance if possible
I think this is the best advice I have seen, and really important. It just isn't wise to move to Springfield without a job lined up or other source of steady income.
Quote:
Originally Posted by 20yrsinBranson
and don't buy the biggest, most expensive house you can afford. People with modest lifestyles seem to be fairing much better than those who insist on "living large". Just sayin'
I think this is true nationwide. Especially in the middle of a recession, living modestly can result in real peace of mind. A small house is usually easier to clean and cheaper to heat, furnish, and maintain, anyway, and the property taxes are lower.

In an area like Springfield, where salaries are low, I imagine that resale of a small inexpensive house would probably be a little less of a headache.

It amazes me when people move to places like Springfield due to the low cost of housing, and yet even there end up buying a more luxurious, more expensive home than they can really afford. What were they thinking?
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Old 01-01-2010, 08:47 PM
 
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Originally Posted by 20yrsinBranson View Post

ETA: Don't I know you from Homesteadingtoday.com ????? wink

20yrsinBranson
Could Be!

hillman
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Old 01-04-2010, 09:36 AM
 
Location: Southwest Missouri
1,921 posts, read 5,552,594 times
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Quote:
Originally Posted by 20yrsinBranson View Post
As far as 2010, I have heard that there is going to be another adjustment on ARM mortgages. All the people who could not afford or did not have good enough credit/jobs to refinance the past few years. I expect there will be many more foreclosures.
I wonder how many people in this area took out ARMs? The trend seemed popular in areas where home prices were shooting up and people wanted to buy with ARMs in anticipation of rapid appreciation. Since prices in this area never really took off, I wouldn't expect to see as many ARMs in the Springfield area.

Quote:
Originally Posted by 20yrsinBranson View Post
Some neighborhoods in Springfield have two or three foreclosures on every block.
What neighborhoods are you talking about?
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