Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No problems here, we are expanding in fact, but it's a different part of the country. I think the recession is more pronounced, depending on the region you are in.
No problems here, we are expanding in fact, but it's a different part of the country. I think the recession is more pronounced, depending on the region you are in.
I was driving to work today and my job called and said they're announcing a few people to cut. My stomach dropped because, i have a daughter, and i was actually thinking of moving to finally own a home, but now im thinking otherwise. Fortunately I wasn't cut, but two good friends were cut, it's scary... Obama??? Change for the better please!
Memo to anyone in the same position: Don't buy a home now! Aside from the fact that prices are falling, you'll be underwater on your mortgage almost immediately, and house values will be down about 25% by this time next year, you also have to consider the possibility of losing your job. That means you should cut expenses, save as much as you can and build up a substantial emergency fund covering at least 12 months of expenses, and leave that emergency fund alone. This way, you and your family will be secure if you lose your job.
Please don't fall prey to the advertisers and the salesmen out there, everyone telling you to buy buy buy. Protect your family first!
Memo to anyone in the same position: Don't buy a home now! Aside from the fact that prices are falling, you'll be underwater on your mortgage almost immediately, and house values will be down about 25% by this time next year, you also have to consider the possibility of losing your job. That means you should cut expenses, save as much as you can and build up a substantial emergency fund covering at least 12 months of expenses, and leave that emergency fund alone. This way, you and your family will be secure if you lose your job.
Please don't fall prey to the advertisers and the salesmen out there, everyone telling you to buy buy buy. Protect your family first!
Did a realtor run over your dog once..lol . I somewhat agree with you... but if you do buy now, makes sure that the mortgage payment plus property taxes can be paid for using one person's estimated unemployment check!
No - worse. They were integral parts of a scandal that is now costing me and my children, grandchildren, and great grandchildren ...
I'm tired of seeing so many people drive their financial house over the cliff and dragging the nation down with them.
Quote:
I somewhat agree with you... but if you do buy now, makes sure that the mortgage payment plus property taxes can be paid for using one person's estimated unemployment check!
LOL ... one person's estimated unemployment check paying for mortgage + taxes ... That's a good one, Wiley! Let's see, that comes out to ... hmmmm, well you can afford to buy a house for 50K where the property taxes are 1K per year! Enjoy! (and we haven't even accounted for the cost of food or anything else, so be prepared to starve in your 50K house in Ivington!)
No - worse. They were integral parts of a scandal that is now costing me and my children, grandchildren, and great grandchildren ...
I'm tired of seeing so many people drive their financial house over the cliff and dragging the nation down with them.
LOL ... one person's estimated unemployment check paying for mortgage + taxes ... That's a good one, Wiley! Let's see, that comes out to ... hmmmm, well you can afford to buy a house for 50K where the property taxes are 1K per year! Enjoy! (and we haven't even accounted for the cost of food or anything else, so be prepared to starve in your 50K house in Ivington!)
I'd say you more than somewhat agree with me
Not so my friend...our mortgage payment plus property taxes comes to 2000/month - a fraction below the max. unemployment benefit you can receive . That's a 250K mortgage by the way and taxes at 6200/yr.
Not so my friend...our mortgage payment plus property taxes comes to 2000/month - a fraction below the max. unemployment benefit you can receive . That's a 250K mortgage by the way and taxes at 6200/yr.
LOL
The maximum weekly benefit is $584, so after income taxes (assuming a low 12% income tax bracket state+fed) you're looking at roughly $2,055 per month.
From that, deduct your healthcare costs (how much does it cost to insure a family in NJ?), food, clothing, heat, electricity, and other basic living expenses ...
Now how much is left over to pay for a mortgage and property taxes?
Buying a house with the idea that you'll use unemployment benefits to pay the mortgage + property taxes if you lose your job is the type of thinking that got us into this mess in the first place.
Everyone needs an emergency fund of 12 months living expenses, untouched, before they even think about buying a house in this economy.
The maximum weekly benefit is $584, so after income taxes (assuming a low 12% income tax bracket state+fed) you're looking at roughly $2,055 per month.
From that, deduct your healthcare costs (how much does it cost to insure a family in NJ?), food, clothing, heat, electricity, and other basic living expenses ...
Now how much is left over to pay for a mortgage and property taxes?
Buying a house with the idea that you'll use unemployment benefits to pay the mortgage + property taxes if you lose your job is the type of thinking that got us into this mess in the first place.
Everyone needs an emergency fund of 12 months living expenses, untouched, before they even think about buying a house in this economy.
Ahhh..but see - that's why I said one person' unemployment benefits... assuming you have a significant other who is working or may even be collecting as well... now you have "SURPLUS"...lol
Ahhh..but see - that's why I said one person' unemployment benefits... assuming you have a significant other who is working or may even be collecting as well... now you have "SURPLUS"...lol
Good one!!!! Unfortunately we cant make a career out of unemployment, and the states are going to run out anyway so were all doomed. So then they will raise taxes and it becomes a visicous cycle.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. I somewhat agree with you... but if you do buy now, makes sure that the mortgage payment plus property taxes can be paid for using one person's estimated unemployment check!
