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Michigan homes no longer savings bastion
mlive.com ^
| 3/11/07
| Sarah Kellogg
Posted on 03/11/2007 6:53:33 AM PDT by machman
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Glad I left that sinking ship a couple of years ago. Even then, we sold a house that we had owned for seven years, after taxes and commissions, we we still out almost 20,000 dollars.....
Sadly, The majority of the state is turning into Detroit economy wise....
1
posted on
03/11/2007 6:53:35 AM PDT
by
machman
To: machman
This article makes no sense.
First they complain that the housing boom passed them by.
Then they say that families can't afford housing there...
Well if the boom passed them up, houses are more affordable as a result. In addition their property taxes are also lower as a result. You can't have it both ways.
And second complaining that people "put their nest egg" in their home is odd too. As long as they are living in the house, what's the problem? It isn't for sale anyway - they are living in it.
2
posted on
03/11/2007 7:03:09 AM PDT
by
DB
To: DB
Well if the boom passed them up, houses are more affordable as a result.It doesn't matter if there are no jobs available.
In addition their property taxes are also lower as a result.
Property taxes never go down. Never. They adjust the tax rate to maintain their budget.
You can't have it both ways.
You are not thinking this through.
3
posted on
03/11/2007 7:05:29 AM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote.)
To: DB
"And second complaining that people "put their nest egg" in their home is odd too."
Do people really do that? I'm not sure I see the logic there.
4
posted on
03/11/2007 7:06:34 AM PDT
by
L98Fiero
(A fool who'll waste his life, God rest his guts.)
To: raybbr
I disagree.
Had the housing boom not passed them up, which is one of the complaints in this article, it wouldn't have changed the long term job situation there at all. It would have only made housing less affordable.
I didn't say the taxes went down.
I did say that their taxes didn't go up nearly as much as everywhere else that did have the real estate run up. Hence their taxes are now lower than they would have been because they did not have the housing boom the rest of the country had.
And I am thinking this through.
5
posted on
03/11/2007 7:13:56 AM PDT
by
DB
To: L98Fiero
In general a house is a very good long term investment. Especially if the alternative is paying rent.
The key words are "long term".
And the bottom line is you have to live somewhere.
If you want to flip houses for money that's an entirely different issue.
6
posted on
03/11/2007 7:16:38 AM PDT
by
DB
To: machman
Will the last person to leave Michigan please turn off the lights.
7
posted on
03/11/2007 7:18:15 AM PDT
by
Gay State Conservative
("The meaning of peace is the absence of opposition to socialism."-Karl Marx)
To: L98Fiero
Stupid people use their home as their retirement savings. MANY have nothing but their home as their "nest egg". They're living high off the hog and don't invest money or take advantage of a 401K because they don't have excess money after living beyond their means. Stupid but people want the "forever home" NOW. They want instant gratification and aren't think through the future.
As for home prices declining ... this isn't the ONLY state. It's happening all over. Many have paid too much for the house and it's not worth that NOW. They have mortgages for a bubble price, taxed at a bubble price and if they get laid off or lose their job, they might as well just drop the keys off at the mortgage company since they have no equity in it anyway.
8
posted on
03/11/2007 7:19:05 AM PDT
by
nmh
(Intelligent people recognize Intelligent Design (God) .)
To: machman
A buddy of mine just lost his house in Detroit after moving out here to get a job, it was on the market for to years just couldn't afford it anymore.
9
posted on
03/11/2007 7:20:36 AM PDT
by
cmsgop
( Axis of Evil = Iran , North Korea , Rob and Amber)
To: DB
I did say that their taxes didn't go up nearly as much as everywhere else that did have the real estate run up. Hence their taxes are now lower than they would have been because they did not have the housing boom the rest of the country had.That's really reaching. That's like saying gas prices are higher in CA but they didn't go up as much here in CT and I should be grateful. It doesn't make a difference. They still went up. I would guarantee that RE taxes went up over the last five years in MI.
Michigan's real estate market had ticked along at a steady if not spectacular pace in the last five years while the rest of the nation was experiencing a real estate boom.
I don't see that as a lament merely a statement of fact. It sounds to me to have been a reasonable increase in value.
I think you simply want to jump on this as "bad news" when it's reporting facts.
10
posted on
03/11/2007 7:21:48 AM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote.)
To: DB
And second complaining that people "put their nest egg" in their home is odd too. As long as they are living in the house, what's the problem? It isn't for sale anyway - they are living in it. They won't be if they can't afford their mortgages and taxes.
11
posted on
03/11/2007 7:22:53 AM PDT
by
Abby4116
To: machman
Michigan was the only state in the nation to see its home prices decline in value in 2006, according to a recent study by the U.S. Department of Housing and Urban Development.
12
posted on
03/11/2007 7:23:19 AM PDT
by
DCPatriot
("It aint what you don't know that kills you. It's what you know that aint so" Theodore Sturgeon))
To: machman
Twelve years ago I came within an inch of buying a new house in suburban Grand Rapids that I really could just barely afford. Something told me NO. Instead I paid off my current home and now am banking almost all paychecks.
Thank you Lord for looking out for me. Lots of people in Michigan now have mortagages under water.
13
posted on
03/11/2007 7:24:42 AM PDT
by
kjo
To: machman
"Put all your eggs in one basket -- and watch that basket!" - Bernard Baruch.
Few of us are Baruch so most of us will trip and break all of our eggs.
14
posted on
03/11/2007 7:26:21 AM PDT
by
decimon
To: machman
Jenny Granholm's tax hikes will depress Michigan real estate values even more! What are voters complaining about? This is what you get with Democrats. A doom and gloom economy.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
15
posted on
03/11/2007 7:26:31 AM PDT
by
goldstategop
(In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
To: DB
"In general a house is a very good long term investment."
I agree but It didn't require me to put my nest-egg in my house. Didn't even touch it.
I guess my point was, if you are going to live in the house for long-term, why dump your savings into it? If 100% of the value was financed, after 15 years, a person could have some good equity in their home AND their nest-egg for other investments. Buy a rent house or two to cover the mortgage, and build equity in all the property.
Just me thinking.
16
posted on
03/11/2007 7:27:18 AM PDT
by
L98Fiero
(A fool who'll waste his life, God rest his guts.)
To: machman
Thank the unions for driving business out of Michigan.
Thank the govenor, who will retire rich, for raising taxes.
Vote demoncrat and join a union.
17
posted on
03/11/2007 7:27:27 AM PDT
by
CPOSharky
(Coming soon, the Global Warming Denier Inquisition.)
To: machman
Is Jennifer Granholm as secret agen of the Canadian Government, out to destroy Michigan?
Just inquirin'
18
posted on
03/11/2007 7:28:51 AM PDT
by
Jimmy Valentine
(DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
To: raybbr
Many parts of the country have had their property "values" increase 50% in the last 5 years or so. That's also a 50% increase in property taxes.
If Michigan really missed much of that boom, housing is far more affordable there.
19
posted on
03/11/2007 7:28:58 AM PDT
by
DB
To: nmh
"As for home prices declining ... this isn't the ONLY state. It's happening all over. Many have paid too much for the house and it's not worth that NOW. They have mortgages for a bubble price, taxed at a bubble price and if they get laid off or lose their job"
You ain't kidding, in Rhode Island the Mortage Sale listings in the Providence Journal pretty much occupy two thirds of the paper's business section.
20
posted on
03/11/2007 7:29:45 AM PDT
by
got_moab?
(got_moab? now comes complete with 50% MORE Hyper-conservatism!!)
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