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housing woes
I know I've complained about my house/mortgage situation before. Sorry to bring it up again but I am just so depressed.
DH bought the house in 2005 for 235k. We currently owe 209. Last year we wanted to refinance, but the appraisal came in too low - 105.
We've been trying to keep an eye on the market, and our estimate was that the house today is probably worth something like 90-95. But then last night I looked up what has sold in the past year - 2 of the 3 that sold in my neighborhood went for $45k. I don't know the condition, but they were similar age and similar size, just smaller lots, for whatever that's worth. Either way, I just want to curl up and cry.
Our other house is about $60k underwater and rents out at a $500/month loss. If we were to rent this house it would be something around $600+/month loss, depending on the variable 2nd mortgage.
We are so far in the hole, I just don't see how we'll ever get out. We dream about starting a family and moving somewhere a little nicer, but I guess I just have to come to grips with the fact that it just is not in the cards for us.
Re: housing woes
I don't usually do this, but I'm going to give you some tough love here and tell you to buck up.
Is it a bad situation right now? yes. Is it depressing? yes. I know...I've got my own housing woes that rival your numbers. Granted I'm at a different income level but I'm also almost 10 years older than you are.
I view attitudes and outlooks on life as a self-fulfilling prophecy. I know it's easy to get stuck in a rut, feel depressed when you concentrate on numbers like this, but this is just one point in your life. There are plenty of options ahead of you and plenty of life in front of you.
If having kids is such an important goal in your life, there are plenty of people out there with kids that have less than you do. You and/or your husband can get a promotion or a better paying job while your housing costs will remain the same giving you some breathing room in your budget. These are just a couple of things that I would be thinking about in your situation to pull myself out of the doldrums.
I hear ya, and usually we have a pretty good attitude about it. I just got more bad news last night and was indulging the emotions it evoked before moving on. again.
we are paying more than double payments on our rental house to get rid of the 2nd mortgage, which will be gone in November. That will be great and bring the rental losses a little lower each month. Then we will start working on our house's 2nd, although DH wants to work on some savings building too so that one won't go as fast.
We'll do it, it's just going to take a long time. And another $50k loss in value does not help. We have no problem having kids in the house we're in. I would like to have some hope of being able to move on before they graduate high school though.
And no way, you're not 40. I'll be 30 in like 2 seconds.
Thanks for the comments, though. I'm having a little pity party today and I know that's not attractive. It won't last forever though.
My Ovulation Chart
Pity parties are fine as long as they're not anyone's proverbial state of being. We only see what you post here, so I didn't know how you feel in general about things or what real outlook you have.
That's great news about the second on your rental. Things are already looking up in that regard. And I know it doesn't seem like it now, but believe me, the housing market will be in an entirely different state 20 years from now. Plus, you'll have already paid down a big chunk of your mtg. Eventually, housing will come back, in the meantime we'll both just keep chipping away at our loan balances. One day the value and loan bal lines will cross again. There's an end in sight!