Archive for December 30th, 2008

photoshop1godzilla-ate-my-house

by problembear

 after today’s news about falling house prices everyone who makes payments on a mortgage must be wondering  just how much farther can they fall. the news isn’t good. economists all say the bottom is still a long way off.

stan and angela bought their home in target range over 15 years ago for $87,900.00    – their neighbors in back sold the identical house two years ago for $246,750.00  –  stan turned down an offer on their home a year and a half ago for $263,800.00   – this week the realtor advised them to accept an offer of $181,250.00 – stan and angela have no choice now because stan has accepted a new teaching  job for a lot more money in alaska. they are not destitute and they do not fear foreclosure but they have lost over 31% of the value of their home in less than two years. 

“i don’t know where the local news media is getting their figures” stan says “but our realtor is a great friend and she leveled with us.  if you want to sell your house now don’t listen to the talk about how missoula hasn’t seen big drops in housing prices yet. that is pure BS.” then stan added with a wry smile…”it’s like godzilla ate almost half our house.” he is looking forward to the new job with great challenges for his career and both of them have always wanted to live in alaska. they are on the young side of forty and excited about the future but angela sums it up…” i just assumed we would always be homeowners, now i am not so sure.”

there will be some capital gain on the house although probably not enough to buy another one soon. “we will rent a nice condo angela’s sister picked out for us in anchorage- right on the waterfront.”  stan shrugs his shoulders and continues shoveling snow from the big driveway in front of his big two car garage. “i’ll miss the garage.” he says.

we have not seen the bottom of this yet . contrary to what you read in desperate realty ad seeking rose-colored local internet and press based articles the west is already hip deep in this value drop and missoula is smack dab in the middle.

i like to occasionally check two websites that provide some reality based perspective on this – patrick.net  and bubblemeter.com




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