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The Economy & Housing Market...
Has this affected you? what is your situation? just curious if any of you are in the same predicament that we are in; a shitty one!
H bought his duplex back in 2006 when the market was booming; he bought into an area that was touted as "the next west loop"
(note: the west loop, where the united center is - where jordan played - was the absolute ghetto 10 years ago. people were robbed when they went back to their cars at the end of a game...it was just VERY unsafe. It was riddled with gangs, etc. Well, it did a complete 180 degree turn! It's fabulous now - everyone wants to live there!)
Okay, so back to our situation...given the tanking of our economy, our area is no longer the "next west loop", it's gone back to what it was previously. It's "the hood". Long story short - people in the units are selling theirs on short-sale for $100,000 less than what they paid. We are trying like HELL to get out of the neighborhood, but it's scary to think about losing THAT much money, just as we are starting out our marriage.
Do any of you have real estate experience, or have you been in a similar situation? How did you deal with this???
Re: The Economy & Housing Market...
i dont own a home, i've never owned a home, but i DO know people who are taking huge hits to get out of dangerous neighborhoods. detroit and it's immediate border towns/cities/suburbs have been totally screwed by the economy and some neighborhoods have taken a turn for the worst. i guess my point is you're totally not the only one, and there is life after short sale. a lot of people survive it without much effect on their lives, outside of not being able to buy big ticket items for a while.
I would post this on MM or Buying a Home. (but get ready for people to freak out and call you an idiot. people generally don't understand owning/living in economically depressed and dangerous areas.)
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I don't own a home so it hasn't affected me directly, but my dad is a Realtor and I'm now watching my parents struggle to pay every bill on time each month. Thank goodness he does property management as well. He hates it, but it's really helped keep them above water. Also, it's booming right now so a lot of people are renting out their houses rather than having to short sale them.
There really isn't any house in our city that isn't going for a short sale. I completely understand wanting to get out of the area. Short sales are so common right now and really the large downfalls of them are that you won't be able to buy another house or big ticket items for *I think* either 2 or 4 years.
If the neighborhood is unsafe, get out of there. I personally don't think that losing $100,000 is worth risking your safety if you can avoid it.
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Taking Control:Updated 1/7
This made me laugh. I'm too scared to post on other boards. I understand that whole line of thinking; the other BIG thing that was touted in our neighborhood was, the idea of chicago winning the 2016 olympic bid. well, we see how quickly we were erased from THAT (thank you corrupt mayor daley); so really, our "hood" shall remain crime-ridden with trash on the streets.
Finally...we are Mr. & Mrs.!!! WooHoo!!!
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