ment for a better house.Well, the bubble popped and our house is worth thousands less than we paid for it. We have a loan that was not intended to be a longterm loan. Interest only for ten years was going to be okay if we were just going to stay in our house a couple of years. Now that there is no end in sight to our housing dilemna, we will have nothing paid toward our principal. It's basically like we are paying really high rent right now. This was not our plan.
We have an empty rental property on our left that has been empty for months now. I'm not complaining, as the management company does not seem to put desirable neighbors in there. The house on our right was built just a couple of years ago. It was originally purchased for $205K the same year we bought our house. Now the house is empty and is selling for $129K or less, depending on what offers come in. So that will kill any chance of our house ever increasing in value again.
We are in a rock and a hard place. Big time. Hubs has been struggling with his job due to the poor economy. People are not in the position to buy right now. No one is moving into new houses and if they are, they don't have extra income to purchase what he's selling. It really feels like a recession nowadays. I don't know how we'll get through this.
I know people have gone through worse times and managed okay. We will be okay, in the end. I know we will. I just wonder how we will get there. And until we get there, I just sit back, bewildered at how our parents ever did it. My mom and dad had three kids by the time they were my age. I'm almost thirty and we're having our first baby.
How the heck are we gonna do this? How the heck did our parents do it? Keeping my chin up as best I can. Hopefully we will find out, and it won't be as bad as I worry.
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We are officially in a recession as of one day last week. The government recognizes the state we are all in; one of the reasons why JR and I have not bought our first home yet. While it is a great time to purchase a home (because it is so cheap!) it is not ideal for us right now because our job security is low. I was laid off in May this year, and I am still too afraid to try for any other jobs, even though I am not happy with the job I currently hold. Some of my co-workers, now friends, were laid off with me and still have not found jobs. It’s very scary. It seems like every time I turn around and save a few bucks in the bank (hoping for a bright future like yours, including a baby and my fiancé turned HUSBAND), something happens, and I need to withdraw the funds and pay off an unexpected bill. Taxes seem to have gone higher in the past couple of years, and though the gas prices are low- the oil changes and tune ups are not; nor are the car payments or interest rates that I accumulated, and now can’t get out of. My credit score has increased over 100 points since I bought my car last September, and I’ve been chipping away at the principal at $50.00 extra per payment, but no bank will STILL touch me, due to the economy- which means I’m locked into my current explosive car payment for another year until something is done to help me, and protect my finances.
ReplyDeleteEverything financial is scary right now. I’m getting raped in bank fees, but am afraid to move my money- this coming from someone who WORKS in the banking industry. It’s a tough deal out there. The only thing that keeps me sane is Daddy- and JR, and the hopes for a better future. We’ll see what Obama brings us. Outside of his standing liberal views on family life, I believe he may have something up his sleeve that will boost our failing economy.
The only thing that sucks is that we have to just sit back and wait. I hate waiting.