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Will the economy ever make a come back?!

fords8

fords8

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We got our property assessments in the mail. The house that we rent out is now assessed at only $66,700 and we owe $114k! :surrender:

Our new house was assessed at quite a bit more than we paid so that's good, but I can't help but think we're screwed with the other house.

This all pisses me off so bad I want to punch someone but who? :9:
 
It would take years, if not decades.

At least you have someone paying rent to help you to pay for the mortgage and property tax while waiting. Most people had to bite a big chunk of loss to upgrade from their starter homes!!
 
lf5058 said:
It would take years, if not decades.

At least you have someone paying rent to help you to pay for the mortgage and property tax while waiting. Most people had to bite a big chunk of loss to upgrade from their starter homes!!
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True. Decades...................Lord I hope not! :surrender:
 
The whole real estate industry in America is a scam. :-)

Until the backlogs of foreclosures cleared up and employments returned, the prices are going to stay low. If people started making sensible financial decisions to save up downpayment and buy homes they could afford, the pent up demands will probably quicken the recovery.
 
Our property taxes are down because our assessed value is down as well. We bought our house about 20 years ago so we don't owe more than it is worth, but I don't believe we could sell it without basically giving it away if we absolutely had to.
 
The previous assessment was away more than our purchase price, so we got it adjusted down but the tax rate went up 7.2 percent! However, our 2011 tax bill is still about 25 percent less than 2010.
 
I think so many of the property values were so over-inflated for a while there and they'll never get to that level again (or not for a very long time.) Looking at zillow.com, it shows over the past ten years my property has been valued at anywhere between 280k to 460k. Right now it's listed as 383k and mentions in the past 6 months it went down 6,500 in value. So much for my recent renovations. :pout:

Honestly since I don't plan on selling in the near future (sorry KG, I know I'm supposed to consider moving to Jewel country) these are all just numbers on paper to me.
 
mrsmom said:
Your taxes went DOWN?! Wow. Ours didn't. :fart:
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Yeah, by about $22, but still better than going up. All the rates that they multiply by went up, but still the total due was slightly down because the net equalized value was down (cause the house is worth less).
 
mrsmom said:
We got our property assessments in the mail. The house that we rent out is now assessed at only $66,700 and we owe $114k! :surrender:

Our new house was assessed at quite a bit more than we paid so that's good, but I can't help but think we're screwed with the other house.

This all pisses me off so bad I want to punch someone but who? :9:
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This is exactly the situation we are in, and would like to move. A good portion of homes in our neighborhood are forclosures or for sale. And out taxes keep going up, as our property value goes down.
 
steve said:
You can thank ex Bush!! :hides:
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Right, because he personally forced everyone to buy homes there was no chance in hell they could afford. Of course he did.

Personal responsibility seems to have completely disappeared.
 
that's what happened to us. DH and I saved and bought our first house in 2006.

I was 22, he was 26. We were sooooooo proud of ourselves!!

We bought it for $105,000 - 3 bedroom, 1 1/2 bath townhouse, had been flipped.

When we wanted to get out, we were screwed. Similar units were selling for $35-40,000 and that was IF they were selling.
 
eiramnoaj said:
Right, because he personally forced everyone to buy homes there was no chance in hell they could afford. Of course he did.

Personal responsibility seems to have completely disappeared.
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The economy tanking and housing market turning to **** really doesn't have **** to do with personal responsibility.

Normally I would totally agree with that thought, I do think people need to be accountable for their actions, but not here.
 
eiramnoaj said:
I think so many of the property values were so over-inflated for a while there and they'll never get to that level again (or not for a very long time.) Looking at zillow.com, it shows over the past ten years my property has been valued at anywhere between 280k to 460k. Right now it's listed as 383k and mentions in the past 6 months it
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**** Joan! It's expensive out in your neck of the woods!!! Can I remind you that we paid $129k for our new house. :hides: You could get 3 nice houses out here for that!
steve said:
You can thank ex Bush!! :hides:
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:slap:
 
mrsred1 said:
that's what happened to us. DH and I saved and bought our first house in 2006.

I was 22, he was 26. We were sooooooo proud of ourselves!!

We bought it for $105,000 - 3 bedroom, 1 1/2 bath townhouse, had been flipped.

When we wanted to get out, we were screwed. Similar units were selling for $35-40,000 and that was IF they were selling.
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this sounds like us. We bought in 2006 we were 22 and 23 we paid 112? i think and now our house is valued at $63,000. Most houses that are selling around here are dumps that people fix up and rent. They are selling for like 30k
 
mrsred1 said:
The economy tanking and housing market turning to **** really doesn't have **** to do with personal responsibility.

Normally I would totally agree with that thought, I do think people need to be accountable for their actions, but not here.
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I think in too many cases people were sweet talked by bankers into thinking they could afford more house than they really could. Many had dreams of flipping these houses in a short period and making a small fortune. Then everything went to crap.


mrsmom said:
**** Joan! It's expensive out in your neck of the woods!!! Can I remind you that we paid $129k for our new house. :hides: You could get 3 nice houses out here for that!

:slap:
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I know - I watch some shows on HGTV and I'm shocked when they say how much they home they're showing is selling for. Beautiful, huge, nearly new homes for half of what mine is supposedly worth.
 
Red I forget, did you guys just walk away from your house then? That's what our former neighbors did, but it was more their fault. They got a double mortgage to build a HUGE **** garage then couldn't afford the payments. They never should have built that thing.
 
Yes we walked away. Became waaayy too dangerous - drugs were sold in the alley right outside our back door, a girl was shot in our parking lot, which is 100 feet from our house. We HAD to get out.

We started things out the right way, and always attempted to work with the bank to come up with other arrangements, but they turned us down.

Never had an ARM or anything, had one mortgage. Monthly payments after mortgage, taxes, insurance, escrow was right around $1200/mo. It wasn't anything we couldn't manage.
 
eiramnoaj said:
I think in too many cases people were sweet talked by bankers into thinking they could afford more house than they really could. Many had dreams of flipping these houses in a short period and making a small fortune. Then everything went to crap.
Click to expand...

In 2003 DH and I went to talk to banker about what steps to take to get credit back in hopes of buying a house in the future. (his was bad, stupid stuff while we were apart) and the banker preapproved us for 200,000+ houses.

No way in hell could we actually been able to make those types of payments and have a life. Our house needs major repairs but we are warm, dry, and safe. 7 more years on the mortage.
 
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