coolhand's Account Talk

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crws said:
what's the perspective in the local press? curious
Click to expand...
Subject was Miami bankruptcy likelihood.

I wondered the same and found a story from last May:
http://www.nbcmiami.com/news/politics/Miami_Budget_Crisis_Miami.html

I think the local press everywhere will strive to not alarm the populace and the public will be confused enough by the sky is falling stories, without a falling, to largely shake their heads. After all, who wants to cut police and fire? (Nevermind the park purchases, statue purchases, grants to the arts, "services", day laborer shelters, including wall TVs, etc.) I think all states and locals are going through a controlled, largely hidden, drop and books will be juggled to avoid most outright bankruptcies. Politicians know how to kick cans down the road. Even Christie balanced his books by deferring a pension payment. (How long before tax revenues get back to 2006 levels?) The porkulusstimulus was largely borrowed money given to states to avoid tax increases or cutbacks to meet public payrolls and medicaid. Virginia reopened the interstate rest stops. All must be well.
 
Long video but worth while. Near the beginning a comment is made comparing the handouts of the bailout monies to giving alcohol to a drunk. I kept this in mind for most of the video and got a kick out of all the drunks!
 
Always good to be reminded of how we got here.

Yeah, I caught the "giving alcohol to a drunk" analogy too. :)

Mcqlives said:
Long video but worth while. Near the beginning a comment is made comparing the handouts of the bailout monies to giving alcohol to a drunk. I kept this in mind for most of the video and got a kick out of all the drunks!
Click to expand...
 
I'm in this very situation. Orlando is one of the worst housing markets in the country in terms of pricing. At the peak of the housing market, my home was valued at about $370K. Two weeks ago someone bought one very similar to mine just down the road for a mere $139.9K. Another house a few doors down just sold for $89.9K.

My home was purchased in 2003, well before the peak, and after almost 7 years of mortgage payments, I'm underwater.

Other parts of the country may be seeing a rise in prices, but where I live they're still in decline with no end in sight.

Housing Woes Bring New Cry: Let Market Crash

http://www.cnbc.com/id/39024784
 
coolhand said:
I'm in this very situation. Orlando is one of the worst housing markets in the country in terms of pricing. At the peak of the housing market, my home was valued at about $370K. Two weeks ago someone bought one very similar to mine just down the road for a mere $139.9K. Another house a few doors down just sold for $89.9K.

My home was purchased in 2003, well before the peak, and after almost 7 years of mortgage payments, I'm underwater.

Other parts of the country may be seeing a rise in prices, but where I live they're still in decline with no end in sight.

Housing Woes Bring New Cry: Let Market Crash

http://www.cnbc.com/id/39024784
Click to expand...

My sister-on-law bought a house in Vegas back in 2006. The value went up 100k, then went down 250K, so she's in the hole. They have already abandoned the house and are waiting on some program that's dragging its heels. Either ways, they left the bank to suck up the house. :cool:
 
Considering what some of my neighbors paid for their homes I'm lucky. Many of them didn't buy for another couple of years. They're under about as much as your sister-in-law was. My house is down about 21.1% from what I paid for it, but some others around me are down 50% or more.

Walking away is not always an option though. Many government jobs require a clearance and you could jeopardize your job by walking away from debt.

JTH said:
My sister-on-law bought a house in Vegas back in 2006. The value went up 100k, then went down 250K, so she's in the hole. They have already abandoned the house and are waiting on some program that's dragging its heels. Either ways, they left the bank to suck up the house. :cool:
Click to expand...
 
With one exception (Maryland's Prince George's County) the close in counties to Washington DC are doing well. A small drop and now back to quick turnover. It used to be difficult to convince youngsters and oldsters elsewhere in the US to come to DC for a journeyman level, or even manager level, job so that new energy and approaches could climb the ladder. Now there's a new dimension that makes anyone with a home to sell have a bigger problem. That does not bode well for your DC level feds, the headquarters types and ivory tower types.....all inbred. :)
 
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