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I got in the mail the other day a card from the auditor's office telling me how much my house has been appraised for. When I bought it, I bought it for $45,000. It's in the city, not the suburbs (I couldn't afford the suburbs with 3 small children). I was determined to buy a house because at that time no one in my family had ever had one.
Every few years I would get that card from the auditor's office. Each time I was told my house was worth a little more than it was previously. A few years ago I received the card that told me my house almost doubled in value from when I bought it. So, I refinanced. I needed to get some work done. That saying, I wish I hadn't done it.
When I moved here not one house was empty. Children everywhere. It was really nice. Today it's very different. Everyone is leaving. I would have to say that about 80% of the houses on this block are now abandoned for a variety of reasons (adjustable rates, job loses, energy bills, gas, etc. the list goes on and on). Today we have dog fighters coming and going in the abandoned properties. We have windows busted. We have a lot of people coming into these homes doing their "business."
The other day I got the "card." The value of my house dropped almost $10,000 because of circumstances beyond my control. It may mean my property taxes drop, but does my homeowners insurance drop? Does my new house payment drop? What about my electric, gas, water? I didn't see an increase in my pay, but I see increases in my health insurance premiums from my paycheck. I see less being covered. My benefit book is now a manual that tells me more of what is now no longer covered. Groceries are high. Fabric is high. Yarn is high. EVERYTHING IS SO HIGH NOW.
The Mortgage Crises? Yes, it's hitting us all now. It's hitting us hard.
Peace.
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Saturday, October 18th 2008 at 10:33AM
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While I don't advocate leaving depressed neighborhoods, I know that the longer you stay, the more your investment will erode. We managed to sell our home just before the mortgage crisis hit but it took forever because we couldn't keep the squatters out during the contract period. Those people destroyed much of the years of investment we put into that home and it was heartbreaking. Sufficient homeowners insurance really saved us so if you have to scrimp, don't scrimp on that.
Saturday, October 18th 2008 at 3:48PM
Dr. S. Maxwell Hines
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Good advice..but since you are politically motivated.please find out if the city (as in city council) has plans for your community..actually if you had the time..now you could work together with some church groups..I hope they don't discriminate and find out if it's a federally targeted area, depending on what you want to to do with your situation, you can look at it as half empty now, but with group work it can change to half full, in any event you cannot do any thing until you find out what plans if any they have in the next 5-10 years for the community you live in, and the only way to do that is to get involved in neighborhood associations or community based organizations. Go to the City council meetings. Shop at the thrift store for yarn and material. Gather together, community policing and community watchgroups are a help , in any event you have your work cut out for you. Find those of like minds. Be well and at peace.
Saturday, October 18th 2008 at 7:40PM
Marta Fernandez
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