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Sublime Peach





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  posted on 5/26/2009 at 01:23 PM


[Edited on 8/20/2009 by jerryphilbob]

 
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Zen Peach



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  posted on 5/26/2009 at 01:45 PM
quote:
I feel lucky to have rescued my equity by selling my house in January and that I don't own a depreciating asset at this time. I suppose I was just lucky to sell my home and when I downsized I saved a $1000 a month on my rent. I guess downsizing is the new "in" thing to be doing these days.
I feel lucky to own a home that I can afford with no plans on being 'bullied' into feeling I must sell due to current market conditions. I suppose I was just lucky to not bite at loan offers that were foolish and which I could not honor and still live the kind of life I wish to live - there is no way I could sell and save $1000 a month with renting and by owning I have an asset. I guess downsizing is the new 'in' thing to be doing these days if you've let yourself be backed into a corner through an unwise financial decision but 'nobody puts lola in the corner'. LOL (and neither she or I feel like we're 'out' ). BTW - my home value has risen, contrary to your article, jpb.



[Edited on 5/26/2009 by lolasdeb]

 

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Sublime Peach



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  posted on 5/26/2009 at 01:51 PM
An asset is something you get a return on every month, so is your house paying you to live there? Your home is a liablilty, not an asset. Unless of course you own a double and you are renting the other half, then I stand corrected. Otherwise your depreciating liability is losing you money.

You must have misunderstood. I walked away with my equity. I could and still can afford to live in the house I sold. Only now, I have saved my equity and I am not trapped in the home I own because I can't sell it or the fact that I would end up upside down with current market trends of devaluation. Now I still have my equity, have downsized and saved a $1000 a month, and I am in a great position when the market does bottom, to get into something better at a much lower price. By the way, I put my equity into foreign currency and silver and they have made nice gains on the dollar. So as you sit in you depreicating liability, costing you more to own while it goes down in value and the dollar is being eaten away by inflation, I have rescued my equity and have hedged quite nicely against the dollar. I am making money while you are losing money. But hey, to each his own.

[Edited on 5/26/2009 by jerryphilbob]

 

True Peach



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  posted on 5/26/2009 at 01:54 PM
I'm guessing there was never much of a housing bubble that needed correcting in Indiana. I doubt that national 19% drop applies to this equity rescue. The only way for me to save $1000 is for me to move into a cardboard box, since my mtg pmt is less than that.

In better news, the Dow's up over 200 pts as of 230 pm!

 

World Class Peach



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  posted on 5/26/2009 at 01:56 PM
Housing prices in my area have dropped over 50 percent since 2005/2006. Now at levels around 1999 or 2000.

a house down the street which sold for 540K a few years back is now at 225K.


What's bad for some has to be good for others. Interest rates at historical lows, and housing prices at 10 year lows.

If you can find a way to get a down payment and secure a loan, great time for a youngster to buy. Especially a double income family.

I have noticed that almost all of the houses that were unsold over the past few years have sold in recent months.

so, maybe a bottom is close, or we've seen one all ready.

 

Zen Peach



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  posted on 5/26/2009 at 01:56 PM
quote:
An asset is something you get a return on every month, so is your house paying you to live there? Your home is a liablilty, not an asset. Unless of course you own a double and you are renting the other half, then I stand corrected. Otherwise your depreciating liability is losing you money.
Well, since it has doubled in value from it's original purchase price I guess it is 'paying' for me to live here. So in my eyes it is an 'asset'.

 

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Universal Peach



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  posted on 5/26/2009 at 02:01 PM
Bill Clinton started all this with his extreme 'loosening' of regulations to loan money for home buyers. Couple that with Real Estate appraisers over valueing homes and land...and, eventually you will have what we are in today. People who could not afford homes were buying and then after a few years, re-appraising and taking 'cash out' equity loans. When the market finally collasped, it was impossible to pay off the now 'out of touch' payments. Unfortunately, Obama is doing the same on a much grander scale with large corporations and banks.

 

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World Class Peach



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  posted on 5/26/2009 at 02:05 PM
quote:

I feel lucky to have rescued my equity by selling my house in January and that I don't own a depreciating asset at this time. I suppose I was just lucky to sell my home and when I downsized I saved a $1000 a month on my rent...

[Edited on 5/26/2009 by jerryphilbob]



Really? yes, housing prices have dropped, but renting prices haven't. If anything they've risen over the last few years.

I can't imagine being too happy about selling a house in Janurary of 2009.

would have loved to be one who sold in Oct. of 2005 though.


 

Zen Peach



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  posted on 5/26/2009 at 02:10 PM
quote:
I can't imagine being too happy about selling a house in Janurary of 2009.

would have loved to be one who sold in Oct. of 2005 though.
My thoughts exactly.

 

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Sublime Peach



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  posted on 5/26/2009 at 02:20 PM
My home was valued at $235,000 in January and now it is down to $208,000. I would say I got out just in time.

Keep me up to date on how your depreciating liabilities are coming along.

 

Zen Peach



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  posted on 5/26/2009 at 02:23 PM
quote:
Keep me up to date on how your depreciating liabilities are coming along.
Will do. And you keep us updated on the value of gold (or is it silver) and living condiitons in Belize.

 

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Sublime Peach



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  posted on 5/26/2009 at 02:27 PM
quote:
Well, since it has doubled in value from it's original purchase price I guess it is 'paying' for me to live here. So in my eyes it is an 'asset'.


So, you still pay on it every month and you have not received any return on this so called investment? I would say that is still a liability. Let me know when or if you can sell your home and what actually make minus everything that you have put into it. I will bet you aren't making anything at all. Once you factor in insurance, utitility bills, upkeep, and time (time is money), there is no way you are making money on your home. That is the old school way of looking at things and it doesn't apply in this economy. Your home is a liability, not an asset. Enough of econ 101 for now.

 

Zen Peach



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  posted on 5/26/2009 at 02:46 PM
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So, you still pay on it every month and you have not received any return on this so called investment? I would say that is still a liability. Let me know when or if you can sell your home and what actually make minus everything that you have put into it. I will bet you aren't making anything at all. Once you factor in insurance, utitility bills, upkeep, and time (time is money), there is no way you are making money on your home. That is the old school way of looking at things and it doesn't apply in this economy. Your home is a liability, not an asset. Enough of econ 101 for now.
Thanks for the econ lesson .. I know that is an area of expertise for you (it may surprise you to know that you are not the only one out here who understands what makes up a 'budget'.) But don't place too many francs on the table in that 'bet' you've mentioned... I have a feeling you are equating my financial situation with your own and am pretty sure they are nothing alike. For example, I would guess that the house you just lost money on had not been in your possession for 20+ years and that would not be the case with me. And I'm not looking to sell my house anytime in the near future so will be unable to keep you advised on any 'final outcome' there either (but I do receive a return on my investment every time I walk through the door and find myself - home).

 

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Peach Extraordinaire



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  posted on 5/26/2009 at 02:49 PM
quote:
quote:
NEW YORK (CNNMoney.com) -- The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.

The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.


This must be the "change" to which our 'betters' referred. A beautiful thing, isn't it?

 

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Sublime Peach



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  posted on 5/26/2009 at 02:53 PM
My point is that is ok to own a home. Have a nice place to hang your hat. Just don't call it an asset. Your home is a liability, period. I guess housing can't fall much more than the 50% that they have tanked in Vegas, but they have a lot more room to drop in most markets. This thing isn't over yet by a long shot. I made a gutsy move at a time when most would have cowered and done nothing. It could have backfired, but it didn't. It has proven to be a very prudent move. As far as paying rent. My rent is fixed, the homeowner is the one losing the value. I get my same value every month. It is just backwards thinking to believe that something you pay money out for every month is an asset? That is just crazy.
 

True Peach



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  posted on 5/26/2009 at 02:54 PM
quote:
quote:
quote:
NEW YORK (CNNMoney.com) -- The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.

The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.


This must be the "change" to which our 'betters' referred. A beautiful thing, isn't it?


Did you see where it said, "That followed an 18.2% drop last quarter". This is the legacy that W left us all with and that Obama is trying to fix...maybe YOU think Obama is god and should have been able to turn it all around in one quarter, but no one else does.

 

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Zen Peach



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  posted on 5/26/2009 at 03:35 PM
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My point is that is ok to own a home. Have a nice place to hang your hat. Just don't call it an asset. Your home is a liability, period. I guess housing can't fall much more than the 50% that they have tanked in Vegas, but they have a lot more room to drop in most markets. This thing isn't over yet by a long shot. I made a gutsy move at a time when most would have cowered and done nothing. It could have backfired, but it didn't. It has proven to be a very prudent move. As far as paying rent. My rent is fixed, the homeowner is the one losing the value. I get my same value every month. It is just backwards thinking to believe that something you pay money out for every month is an asset? That is just crazy.
And my point is don't define the assets and liabilities in my ledger based on what's happened in your own. I view my home ownership as an asset and a priviledge. It is a long term investment and it has made money in terms of it's value and the costs are fixed and low... MUCH lower than attempting to rent something comparable would be. I do not feel that selling a house at a loss to turn around and pay rent to somebody else (especially if it involves living in the same housing market) is so much a gutsy move ... more of a desparate knee-jerk reaction (unless, of course, there was something else going on with your financial state that hasn't been mentioned). 'That is just crazy' to me - but I'm not thinking in terms of Swiss francs and Belizian dollars. For me home ownership, something which has provided potential income in the form of a it's increased value, is definitely an asset as opposed to putting money into another persons pocket. I've been both a renter and an owner and since I'm lucky to be able to choose, I'll choose 'own'.

 

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True Peach



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  posted on 5/27/2009 at 01:53 PM
+2
 

Sublime Peach



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  posted on 5/27/2009 at 03:27 PM
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I do not feel that selling a house at a loss to turn around and pay rent to somebody else (especially if it involves living in the same housing market) is so much a gutsy move ...


Either you can't read or you don't comprehend. I saved my equity, which means I didn't take a loss. You can go by that old school thinking all you want, but your house is a liability, I don't care what you think it is. I gave myself a $1000 a month raise and put $50,000 in the bank at the same time? Please explain how I lost on this transaction? My home is now worth $42,000 less than when I sold it? So how did I lose? If I had stayed, my equity would have gone to $8,000. Your logic is old school and doesn't apply to the new rules of money.

 

Zen Peach



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  posted on 5/27/2009 at 03:32 PM
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Bill Clinton started all this with his extreme 'loosening' of regulations to loan money for home buyers. Couple that with Real Estate appraisers over valueing homes and land...and, eventually you will have what we are in today. People who could not afford homes were buying and then after a few years, re-appraising and taking 'cash out' equity loans. When the market finally collasped, it was impossible to pay off the now 'out of touch' payments. Unfortunately, Obama is doing the same on a much grander scale with large corporations and banks.


Yes but Bush had 8 years to reverse the program and didn't do it because too many people were making money.

 

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Zen Peach



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  posted on 5/27/2009 at 03:33 PM
JPB

Are you renting in Belize?

 

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Sublime Peach



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  posted on 5/27/2009 at 03:38 PM
Lola, you might want to watch these and try to learn something about money (gold & silver), fiat currency, assets, and liabilities.

Why savers are losers: http://www.youtube.com/watch?v=tzZt7DgzAo4&feature=related

Assets vs. Liabilities: http://www.youtube.com/watch?v=qCpEsKtObzs&feature=related

 

Sublime Peach



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  posted on 5/27/2009 at 03:46 PM
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Yes but Bush had 8 years to reverse the program and didn't do it because too many people were making money.


You are a fool, they are both on the same team, there is only one party. It is a big club and you and I aren't in it. They play good cop, bad cop and you fall for it every time. It amazes me sometimes how stupid the American public is to fall for that crap. The sheep are going to fall hard. There are no checks and balances and this might as well be a dictatorship. There is no way to stop them now, the fascist have complete control. Keep drinking that ObamaAid and let me know how that works out for you. When Obama said "let's change America", he meant it.

 

World Class Peach



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  posted on 5/27/2009 at 03:51 PM
quote:
quote:
I do not feel that selling a house at a loss to turn around and pay rent to somebody else (especially if it involves living in the same housing market) is so much a gutsy move ...


Either you can't read or you don't comprehend. I saved my equity, which means I didn't take a loss. You can go by that old school thinking all you want, but your house is a liability, I don't care what you think it is. I gave myself a $1000 a month raise and put $50,000 in the bank at the same time? Please explain how I lost on this transaction? My home is now worth $42,000 less than when I sold it? So how did I lose? If I had stayed, my equity would have gone to $8,000. Your logic is old school and doesn't apply to the new rules of money.



at some point would you consider buying again?

like right now, let's say your same house is for sale, but for 30,000 less.

or do you think it's just going to keep falling for a long period of time?

just seems to be a fairly good investment, especially if you feel inflation is going to rise at a greater rate than today.

why not borrow a 200K dollars, and pay back 200K quarters, if that's what you feel inflation will do to the dollar.

You've got to figure the speculative price of the land has gone down to near the bottom, so you're just paying for the materials and labor to make a house, which can only go up in times of inflation.

besides, there are tax advantages, and there are no controls on rents.

the person you're renting from might just agree with you about inflation, and bump you rent by double next month.




[Edited on 5/27/2009 by Brucebcd]

 

Zen Peach



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  posted on 5/27/2009 at 03:55 PM
quote:
quote:
Yes but Bush had 8 years to reverse the program and didn't do it because too many people were making money.


You are a fool, they are both on the same team, there is only one party. It is a big club and you and I aren't in it. They play good cop, bad cop and you fall for it every time. It amazes me sometimes how stupid the American public is to fall for that crap. The sheep are going to fall hard. There are no checks and balances and this might as well be a dictatorship. There is no way to stop them now, the fascist have complete control. Keep drinking that ObamaAid and let me know how that works out for you. When Obama said "let's change America", he meant it.


If your statements are true then why are so worked up about. If you're not in the club you can't change the club. Instead you come here bantering like some damn idiot that thinks 24 gallons of gas will take him far. How's Belize?

You can't solve the worlds problems on a bands website but in therapy you may solve some of your own.

 

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