Tuesday, July 27, 2010

Will The Plummeting Ever End?

I've been pretty happy in our little condo the past few weeks. Summer's a good time for our neighborhood - there are trips to the park, afternoons spent exploring the nature center and impromtu walks to the library and out for beers and dinner on restaurant patios. I like to happily exclaim that I adore our neighborhood, and am so happy to be out living in it, instead of being tied to a house with lots of maintenance projects.
Then I see things like huge, well maintained houses in our neighborhood for sale that are not that much more than we spent. And of course, I then look at comparable condo units on the MLS, and well, they're a good $50-$60k less than what we paid.
And interest rates are so low right now, that it would be great to refinance our mortgage. But we can't with as much negative equity as we have.
Finally, I find articles like this, where housing is predicted to continue plummeting for the next year. Moody's Analytics says our metro area will see a decrease of 2-8% by next year.
It's hard being underwater. I try and put a happy spin on it, but the reality is, we're stuck, and probably will be for a long time. And no amount of redecorating is going to change the fact that we're in a negative "investment."

No comments:

Post a Comment