Fifty percent of Houses to be Underwater by 2011

[uscitizen]

Honestly uscit...we would stay in Maine forever if it were up to us....we love it here...

but my parents are going to be needing help, soon enough and we have to plan for this and figure out how to get down there and be in position to help...

I have tried to see if my sister could keep them in the winter, since she lives in florida, and we could take them in the summer and bring them up here....my parents are standing firm and balking on coming up here...the whole thing is a dysfunctional, family mess....and this horrible housing market is not making decisions any easier....

Yes, with the housing in florida, hurt more than us up here, i could probably buy a home fairly cheap down there at this point...

Ideally matt and I would like to keep this home AND have another home or condo in Florida...live winters there and summers here...

the FL winters are nice, but the summers suck. I lived in Tampa for 7 years.

I lived there 8 years, the hubby was born and bread there....before that I was in Miami for a near decade.

It is WAYYYYYYYYYYY TOO HOT THERE IN THE SUMMER, i AGREE!

When we moved from St Pete up to Massachusetts in september ...the Gulf water was 87 degrees....we have not seen the ocean water above 60 degrees since we have been up here in new england! OK, well maybe it did get in to the high 60's by end of summer...BUT STILL! Only my TOES have experienced it.

I also lived in Orygun for 5 years. the ocean there is beautiful blue and clear, but cold cold cold.

 

[Care4all]

the FL winters are nice, but the summers suck. I lived in Tampa for 7 years.

I lived there 8 years, the hubby was born and bread there....before that I was in Miami for a near decade.

It is WAYYYYYYYYYYY TOO HOT THERE IN THE SUMMER, i AGREE!

When we moved from St Pete up to Massachusetts in september ...the Gulf water was 87 degrees....we have not seen the ocean water above 60 degrees since we have been up here in new england! OK, well maybe it did get in to the high 60's by end of summer...BUT STILL! Only my TOES have experienced it.

I also lived in Orygun for 5 years. the ocean there is beautiful blue and clear, but cold cold cold.

Where I am, in the Downeast Region of Maine, the coast is stunning, absolutely stunning.

Cliffs, and beaches in coves and the deepest blue, clear water that I have ever seen, other than maybe the Caribbean and of course Hawaii....in summer, the vegetation and wild flowers is so thick up here, coupled with the ocean views of the cliffs and coves, we both feel like we are reliving Maui....except of course, when the toe hits the water!

 

[uscitizen]

I lived there 8 years, the hubby was born and bread there....before that I was in Miami for a near decade.

It is WAYYYYYYYYYYY TOO HOT THERE IN THE SUMMER, i AGREE!

When we moved from St Pete up to Massachusetts in september ...the Gulf water was 87 degrees....we have not seen the ocean water above 60 degrees since we have been up here in new england! OK, well maybe it did get in to the high 60's by end of summer...BUT STILL! Only my TOES have experienced it.

I also lived in Orygun for 5 years. the ocean there is beautiful blue and clear, but cold cold cold.

Where I am, in the Downeast Region of Maine, the coast is stunning, absolutely stunning.

Cliffs, and beaches in coves and the deepest blue, clear water that I have ever seen, other than maybe the Caribbean and of course Hawaii....in summer, the vegetation and wild flowers is so thick up here, coupled with the ocean views of the cliffs and coves, we both feel like we are reliving Maui....except of course, when the toe hits the water!

Yes very similiar to the Orygun coast. If not for family complications I would still be out there.

 

[Neubarth]

Sandy Ego was like a warm summer day today. Lots of sunshine. If it is like that tomorrow I will spend the day down on the beach.

 

[Neubarth]

I thought this was another Global Warming thread

It just might be if by "Global Warming" you are talking about the propensity for hard times to help turn the governments of the world into fruitcakes and fascists.

 

[ProudFossil]

My only problem is that if the market pays less for the property then the County should have to appraise it at the new lower rate.

You have got to be kidding. Do you think any government will lower the valuation if that reduces the tax receipts?

Here in New Mexico we have also been hit by the devaluation, not as much by any means as many other states. Last year our insurance company did the normal practice of asking us every three years to review our home owner's policy. We agreed and to our surprise they said our house was now worth about 75% of what it had been three years ago. And so our premium dropped by a goodly amount. Same coverage including full replacement of the house if needed.

BUT the state of New Mexico mandated that each county up the valuations of the properties in the county by about 20% in order for the state to receive more revenues. All hell broke loose to no avail. Our houses dropped on average about 20-25% but are taxed at a value 20% higher.

Oh yeah, we have a Dimocrat governor and a Dimocrat legislature.

 

[Neubarth]

My only problem is that if the market pays less for the property then the County should have to appraise it at the new lower rate.

You have got to be kidding. Do you think any government will lower the valuation if that reduces the tax receipts?

Here in New Mexico we have also been hit by the devaluation, not as much by any means as many other states. Last year our insurance company did the normal practice of asking us every three years to review our home owner's policy. We agreed and to our surprise they said our house was now worth about 75% of what it had been three years ago. And so our premium dropped by a goodly amount. Same coverage including full replacement of the house if needed.

BUT the state of New Mexico mandated that each county up the valuations of the properties in the county by about 20% in order for the state to receive more revenues. All hell broke loose to no avail. Our houses dropped on average about 20-25% but are taxed at a value 20% higher.

Oh yeah, we have a Dimocrat governor and a Dimocrat legislature.

Assessed valuation should be fair market value. If they are above that, ask for a re-assessment. Just because some lunkheads want to fund excessive government spending to help the poor does not mean that they should hit up the people who have bought houses. That is punishing people for trying to live the American Dream. Time to start Aggressive civil disobedience to make them change their ways.

 

[Toro]

My only problem is that if the market pays less for the property then the County should have to appraise it at the new lower rate.

My property tax has never been linked to the market rate, but rather to the assessed rate...which is always lower.

Not after this debacle. I bought a place recently where the assessed value is 3.5x what I paid for it.

 

[uscitizen]

I thought this was another Global Warming thread

It just might be if by "Global Warming" you are talking about the propensity for hard times to help turn the governments of the world into fruitcakes and fascists.

America used to pull together in times of difficulty...
Now all we seem to do is point fingers and whine and fear and hate

 

[Foxfyre]

I thought this was another Global Warming thread

LOL, so did I. I almost didn't check it out just for that reason.

While the actual topic isn't pleasant, it certainly is newsworthy though.

 

[Foxfyre]

My only problem is that if the market pays less for the property then the County should have to appraise it at the new lower rate.

You have got to be kidding. Do you think any government will lower the valuation if that reduces the tax receipts?

Here in New Mexico we have also been hit by the devaluation, not as much by any means as many other states. Last year our insurance company did the normal practice of asking us every three years to review our home owner's policy. We agreed and to our surprise they said our house was now worth about 75% of what it had been three years ago. And so our premium dropped by a goodly amount. Same coverage including full replacement of the house if needed.

BUT the state of New Mexico mandated that each county up the valuations of the properties in the county by about 20% in order for the state to receive more revenues. All hell broke loose to no avail. Our houses dropped on average about 20-25% but are taxed at a value 20% higher.

Oh yeah, we have a Dimocrat governor and a Dimocrat legislature.

Not JUST a Democrat governor, aided and abetted by a Dem legislature, but one that is spending money like there is no tomorrow, who was featured on television tonight as plugging all his cronies into protected high paying government jobs before his departure at the end of the year, and who is pushing for much higher taxes on New Mexicans to pay for it all.

I hope we can persuade the candidates, both Democrats and Republican, who will be running for governer to address these issues or New Mexico will be back on bottom in all the bad categories in no time.

Albuquerque housing has held up better than some, but it could crash any day now.

 

[California Girl]

It's times like this that I am thankful that I owe nothing on the houses that I own. It's a good time to have your home paid off if at all possible.

I guess Matt and me should take that approach, be happy we own our home outright with no mortgage....BUT, it still is killing us....we moved to maine in late 2006, bought our house in December of 2006....used our very hard to come by money and bought it....NOW, our house is worth anywhere from 30-40% LESS than the money we used to buy it..........

This is very disheartening and we want to buy another home and move from this one, but taking a 45k hit when we sell it is just a little hard to swallow.... my parents are getting old and we need to get down to Florida, where they are soon enough, and we just are finding it hard to do that....

And if the housing market is really going to continue to drop the price of our home, as this OP says, then we need to rethink our plans I suppose....and just take the major hit now....

As long as you can afford the repayments, you're fine. Eventually, it will turn around. It may take a while but it will turn around. The problem is that it is likely that we have yet to see the worst of it. Whatever the politicians tell you, there is more shit to come. Batten down the hatches, don't spend what you can't afford - whatever you do DON'T use credit... the cost of credit is likely to rise.

 

[william the wie]

It's times like this that I am thankful that I owe nothing on the houses that I own. It's a good time to have your home paid off if at all possible.

I guess Matt and me should take that approach, be happy we own our home outright with no mortgage....BUT, it still is killing us....we moved to maine in late 2006, bought our house in December of 2006....used our very hard to come by money and bought it....NOW, our house is worth anywhere from 30-40% LESS than the money we used to buy it..........

This is very disheartening and we want to buy another home and move from this one, but taking a 45k hit when we sell it is just a little hard to swallow.... my parents are getting old and we need to get down to Florida, where they are soon enough, and we just are finding it hard to do that....

And if the housing market is really going to continue to drop the price of our home, as this OP says, then we need to rethink our plans I suppose....and just take the major hit now....

A few steps to consider:
Find out the time it takes from stopping the mortgage payment to foreclosure and bank the foregone payments at least out of state and preferably out of country.

Find out the lenders recourse in Maine. (Check with a real estate lawyer before doing this or the above step.)

Check on projected foreclosure waves Credit Suisse has some nice tables on reset dates. Being part of the thundering herd is safer than being a lone ranger.

In most of non-urban Florida 2.5 acres of undeveloped land can be had easily and go with a double wide while building your house. Land depreciates more slowly than structures and you may need to grow your own food.

 

[hvactec]

Feb. 10 (Bloomberg) -- Patrick Newport, an economist with IHS Global Insight, talks with Bloomberg's Carol Massar about a report showing one-fifth
Newport Sees U.S. Foreclosures at `Record Highs' in 2010: Video
[ame=http://www.youtube.com/watch?v=e0JHcoMgIIY]YouTube - Newport Sees U.S. Foreclosures at `Record Highs' in 2010: Video[/ame]

 

[Neubarth]

As long as you can afford the repayments, you're fine. Eventually, it will turn around. It may take a while but it will turn around. The problem is that it is likely that we have yet to see the worst of it. Whatever the politicians tell you, there is more shit to come. Batten down the hatches, don't spend what you can't afford - whatever you do DON'T use credit... the cost of credit is likely to rise.

The "more shit to come" is coming today.

 

[California Girl]

As long as you can afford the repayments, you're fine. Eventually, it will turn around. It may take a while but it will turn around. The problem is that it is likely that we have yet to see the worst of it. Whatever the politicians tell you, there is more shit to come. Batten down the hatches, don't spend what you can't afford - whatever you do DON'T use credit... the cost of credit is likely to rise.

The "more shit to come" is coming today.

Some of it is. We are nowhere near the bottom of this yet.

 

[Care4all]

It's times like this that I am thankful that I owe nothing on the houses that I own. It's a good time to have your home paid off if at all possible.

I guess Matt and me should take that approach, be happy we own our home outright with no mortgage....BUT, it still is killing us....we moved to maine in late 2006, bought our house in December of 2006....used our very hard to come by money and bought it....NOW, our house is worth anywhere from 30-40% LESS than the money we used to buy it..........

This is very disheartening and we want to buy another home and move from this one, but taking a 45k hit when we sell it is just a little hard to swallow.... my parents are getting old and we need to get down to Florida, where they are soon enough, and we just are finding it hard to do that....

And if the housing market is really going to continue to drop the price of our home, as this OP says, then we need to rethink our plans I suppose....and just take the major hit now....

A few steps to consider:
Find out the time it takes from stopping the mortgage payment to foreclosure and bank the foregone payments at least out of state and preferably out of country.

Find out the lenders recourse in Maine. (Check with a real estate lawyer before doing this or the above step.)

Check on projected foreclosure waves Credit Suisse has some nice tables on reset dates. Being part of the thundering herd is safer than being a lone ranger.

In most of non-urban Florida 2.5 acres of undeveloped land can be had easily and go with a double wide while building your house. Land depreciates more slowly than structures and you may need to grow your own food.

look up and read my other posts again....we do NOT have a mortgage so we do not need to stop paying it...we own the home outright.

 

[Toro]

I hope land falls more, because if it does, I'll buy more.

 

[william the wie]

I guess Matt and me should take that approach, be happy we own our home outright with no mortgage....BUT, it still is killing us....we moved to maine in late 2006, bought our house in December of 2006....used our very hard to come by money and bought it....NOW, our house is worth anywhere from 30-40% LESS than the money we used to buy it..........

This is very disheartening and we want to buy another home and move from this one, but taking a 45k hit when we sell it is just a little hard to swallow.... my parents are getting old and we need to get down to Florida, where they are soon enough, and we just are finding it hard to do that....

And if the housing market is really going to continue to drop the price of our home, as this OP says, then we need to rethink our plans I suppose....and just take the major hit now....

A few steps to consider:
Find out the time it takes from stopping the mortgage payment to foreclosure and bank the foregone payments at least out of state and preferably out of country.

Find out the lenders recourse in Maine. (Check with a real estate lawyer before doing this or the above step.)

Check on projected foreclosure waves Credit Suisse has some nice tables on reset dates. Being part of the thundering herd is safer than being a lone ranger.

In most of non-urban Florida 2.5 acres of undeveloped land can be had easily and go with a double wide while building your house. Land depreciates more slowly than structures and you may need to grow your own food.

look up and read my other posts again....we do NOT have a mortgage so we do not need to stop paying it...we own the home outright.

My apologies. Then why do you need to dispose of the structure? Relatively cheap land is no more than 4 hrs drive from anywhere in FL and more foreclosure waves are coming if you want to buy existing structures. Foreclosure flippers are finding out that the bottom is a long way off and are trying to get out from their turkeys pick your time and $0.05/$ should be quite feasible as a target. That might even turn a profit in your lifetime.

 

[Toro]

Piss off, spammer.