Home Prices Down Again
I think we all knew things for the housing market were only going to get worse, even though we hoped with all our might it would not happen. Hey, believe me, I am one of the people impacted by this mess. I have been divorced over two years now, and we cannot even put our home on the market since we know we will never get nearly enough to cover paying off the bank. We bought at the top of the bubble.
My ex lives in the house and is blessed that he can actually afford the payments. We are not caught in the trap of an ARM, thankfully. Our only headache is that we bought the house for such a high price that if we were to sell it for the going rate right now; we would not be able to cover the cost of the remained of our loan and would have to plunge into our savings accounts to pay it off. So, as much as I want that house out of the picture and loathe the idea that I still own a home with my ex, it would be unwise to sell right now.
On the other hand, those who have never owned a home and are also in a good situation to secure one of the very low interest loans are in a VERY good place when it comes to the availability of low priced homes. If I wiggle a few tings around in my personal situation, I am one of those people. I am heartily considering just signing the house over to my ex and moving along. I can pick up one of the townhomes in the community where I lived when I was first married for nearly the price we sold one for back in 2002.
Still, the overall picture is not good for our collective economy. Everything is so interlinked. More sad news about the housing market only serves as a harbinger about the jobless rate to come and issues like budget shortfalls in city and state governments. Schools are closing, businesses are shutting their doors, and the deep discounts offered by many retailers BEFORE Christmas are all sad signs of the state of our economy.
I keep thinking that I need to get my rear end in gear and put out a massive garden in the yard next year. I want to be as self-sufficient as possible.
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