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By wiredog (Mon Mar 05, 2007 at 01:13:15 PM EST) (all tags)
Namespace Collision Detected.

Fortunately, there is a solution.



Glad I'm not a homeowner here in USia. As the guy at Slate points out, a comparison of the housing market today and the tech sector in 2001 are "eerily similar".
From The New Republic, on Why the French can't stand headscarves
The crucial factor may not be that Muslim schoolgirls were "bringing religion" into the schools, but that they were actively defying school officials. The secular state can accommodate certain "public" forms of religion, but it will not tolerate blatant religious opposition to state authority, however minor the gesture, however young the opponent.

Yet another local murder makes the international news. Actual Real Headline: Bush Iraq Strategy Has No Option for Failure.

From Early Warning

If the Bush administration got its way on Iraq, if it got its dream outcome, U.S. and Iraqi forces would suppress the violence, create neighborhood, town, city, governorate and national security and safety; the militias would be disarmed and the tribes suppressed, enfranchised and officially empowered; Iraqi armed forces and police would take control of all the nooks and crannies of the country; the Baghdad government would achieve national representation, delivering services and stability for all religious and ethnic factions, and develop equitable and fair sharing of services and resources; free speech and tolerance would flourish; the people would split with recalcitrant insurgents, terrorists, extremists, and bandits; justice would prevail and a free market would flourish; oil would flow; and a free and democratic Iraq would open up for a security alliance, buy American arms and goods, and finally host U.S. forces and bases as a "permanent" bulwark against Baathist socialism in Syria and Shi'a fundamentalism and radicalism in Iran.

Also from The Washington Post, Epidemics of genital shrinkage!

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Well, you can't live in stock certificates by georgeha (2.00 / 0) #1 Mon Mar 05, 2007 at 02:16:52 PM EST
unless you bought a few million paper Pets.com or OSDN shares and made a house out of them.

But, yeah, if you have an ARM or something silly and really stretched your mortgage figuring you can refi, it can suck.

We live on the untrendy hinterlands though, so our bubbles and bursts are less extreme. Even with the recent slide, I figure we're still have about 20k more worth in the house than the mortgage and home equity loan would take.




Anyone who bought more than a couple years ago by wiredog (4.00 / 2) #5 Mon Mar 05, 2007 at 02:54:09 PM EST
or who intends to be in one place for 5 or more years, is OK. It's the speculators who get screwed.

Earth First!
(We can strip mine the rest later.)

[ Parent ]

the housing market by MillMan (2.00 / 0) #2 Mon Mar 05, 2007 at 02:29:53 PM EST
turned into a pyramid scheme. Not much else to say.

When I'm imprisoned as an enemy combatant, will you blog about it?


Yet there has to be a 55% depreciation by cam (4.00 / 1) #3 Mon Mar 05, 2007 at 02:48:14 PM EST
for my house value to match my mortgage liability.

cam
Freedom, liberty, equity and an Australian Republic
[ Parent ]

You've been there for a few years by wiredog (4.00 / 1) #6 Mon Mar 05, 2007 at 02:55:32 PM EST
Or you've traded up, using the inflated value of the place you moved there from.

It's the people who've bought in the past 2 years or so, and who were planning on moving in another year, who are in trouble.

Earth First!
(We can strip mine the rest later.)

[ Parent ]

We bought in 2001 by cam (2.00 / 0) #9 Mon Mar 05, 2007 at 03:13:59 PM EST
and we don't have an ARM, we have boring old traditional mortgage.

cam
Freedom, liberty, equity and an Australian Republic
[ Parent ]

I'm a homeowner and I'm not worried. by ucblockhead (4.00 / 1) #4 Mon Mar 05, 2007 at 02:52:36 PM EST
I've got a fixed rate mortgage, about 30% equity built up, and no plans to move before the FoML trundling off to college in fifteen years or so at minimum.

Also, Slate is talking about housing construction, not home ownership. Owning a house is not a bad thing as long as you have a sane mortgage.
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ウセーバラケダ


That's how my dad did it. by wiredog (4.00 / 1) #7 Mon Mar 05, 2007 at 02:57:40 PM EST
Bought in 1970, when a house in McLean went for $50,000 (I can see Cam wincing from here.), sold it in 1989. Paid off the mortgage, bought a house (twice as large) in Utah for cash, and had money left over.

Earth First!
(We can strip mine the rest later.)

[ Parent ]

long term by ucblockhead (4.00 / 1) #8 Mon Mar 05, 2007 at 03:08:03 PM EST
That's not exactly my plan, but close. I bought in '96. I added on recently, and doubled my mortgage, but given what the market did after '96, I'm still way under the supposed value. The plan is to keep the house until retirement, so for probably another two decades, and to have it paid off by then, or close to. Then...who knows...probably sell off and go into something smaller, or in another state, and use the extra cash to help fund retirement.

The only danger in the plan is a forced move due to employment, but as a software "engineer" in the Bay Area, that seems slim.
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ウセーバラケダ
[ Parent ]

i'm only slightly worried by StackyMcRacky (2.00 / 0) #10 Mon Mar 05, 2007 at 05:03:04 PM EST
we're not planning on selling for at least 3 years (gotta finish paying the bitch off first).  houses in my neighborhood have been on the market for quite some time, so that upsets me....but i see what they're trying to sell them for and i laugh.

my house hasn't appreciated insanely in the last 5 years, either.

biggest issue is all the new homes going up around me - why buy used, when you can spec out something new?



It depends on where you live by wiredog (2.00 / 0) #11 Tue Mar 06, 2007 at 08:07:11 AM EST
If there's lots of open space around you, new may be cheaper than old+remodel. Here in NoVa many people are buying houses built in the 1960's and earlier, tearing them down, and building new houses. Replacing a small house on a large lot with a large house on a large lot. Or two medium houses on that lot.

Earth First!
(We can strip mine the rest later.)

[ Parent ]

i'm not even talking remodel by StackyMcRacky (2.00 / 0) #12 Tue Mar 06, 2007 at 09:00:41 AM EST
i'm talking "i don't like the paint colors on this house, so let's just buy new"

very few homes in my area are older than 8 years.  Most are under 4.

[ Parent ]

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