Dream House or Nightmare?

Enter Your Comment

Many people that are in this current market and not as fortunante as Roger. Many people are loosing their homes because they looked at their home as an investment (that is what realtors, mortgage "professionals", and investors called it) and hoping for a quick return on their investment. Instead of looking at the big picture and considering the potential loss - they jumped on the bandwagon. I think everyone got caught up in a real estate market that once was so hot that it helped keep this country out of recession a few years ago. Now, since the market can no longer pull its weight, people are looking back and complaining. All the while forgetting that they made an investment choice which involved risk. Risk is the key word. So, what do you do with your investment? Roger is lucky in that he can stay in his home and continue to live comfortably while the market (hopefully) makes a comeback. And, he might be able to re-coupe his perceived losses in years to come. In the meantime, many others who took the same risk are out on the street. Yes, the real estate market has changed and many people's risk didn't pay off - yet. But, that doesn't mean that its over. The market will return and you will likely see some return on your investment. In the meantime, we will learn from our choices and not do it again (or will we?). I don't feel bad for Roger - he is one of the fortunante ones. I do, however, feel bad for the hundreds of people that did the exact same thing (overbuying) and ended up loosing it all.

I would suggest that Roger put aside the idea of his home being an investment for a moment, and concentrate on the positive. We all have to pay for a place to live, either to rent or to buy, or in this case, the ongoing expense of taxes, insurance, etc. He lives in a beautiful home that his wife enjoys and that enhances the value of his neighborhood. He is financially able to continue to live there, even with the downturn in the market. Second-guessing all of his decisions is simply going to make him crazy. We all make decisions based on what our individual circumstances are, and we have no control over factors such as the market value decreasing. It may be difficult, but perhaps Roger can see this home as the blessing it is, quit feeling guilty for the money spent, and appreciate the fact that he has a wonderful home to share with his wife. He also needs to realize that most of the comments that are posted here are simply from people who are jealous that he can actually afford this home, and they probably cannot. Don't let other's petty jealousy detract from your happiness.
Good luck and God Bless!

Stay up very late worring about your house value dropping. Watch for one of those infomercials on buying real esatate with no money down. Spend weeks going to classes while your wife works to pay for the house she made you build. Buy a nice house in foreclosure and live happily ever after. I'm sure your ex-wife will find someone else to pay for her house.

Stay up very late at night while worrying about your house value dropping. Watch for one of those infomercials on Real Estate with no money down. Spend weeks going to class while you wife works to pay for the house she made you build. Then, buy a nice house in foreclosure. Move in to it and live happily ever after. I'm sure your ex-wife will find someone else to pay for her house.

Here's a thought. Why not build the house that your need not the house that you think will get you the best return on investment. Houses are for tangible function, shelter. The housing bubble and bust was predictible. General obsession with "quick return" regardless of whether or not owners would cash out soon or not has led to a good chunk of this mess. Home ownership can be a good thing but too much of a house only fuels the problems. The people in this article might have to just deal with the fact that they bought and built at the WRONG time of the economic cycle. Someone is always at the top and someone is always at the bottom, but the wheel keeps turning.

Roger is fortunate that he and his wife can afford to carry the home. Historically, home prices always increase over the long run. It may take 15 to 20 years, but it has always happened in the past. As the idiom goes, "They aren't making any more land."

Enter Your Comment

If Roger Elliott was building a house to live in for the rest of his life, he should be happy with what he built and call it his home. Sounds like he got a little happy, spending money he didn't earn himself. Sounds like his wife is giving him grief for the way he spent her inheritance. If he was building to flip it in a year like some developers do, then he burned himself and his wife. Bad call on his part and now he's crying about. No one feels sorry for him.

why is it we only hear about the rich that are losing money on thier investments in realestate?The poor little rich boy didnt make as much as he expected. Better get the government to bail him out.
What about the current pratice of "reevaluation " that towns and cities are doing? in this falling market, they are RAISING the assessed value of realestate in order to increase the tax base, This happens to the poor as well as the rich, yet it will push many poor into loss of thier houses for taxes, a great boon for the rich to snap up property at rock bottom prices. , why isnt THAT worthy of mention?

why is it we only hear about the rich that are losing money on thier investments in realestate?The poor little rich boy didnt make as much as he expected. Better get the government to bail him out.
What about the current pratice of "reevaluation " that towns and cities are doing? in this falling market, they are RAISING the assessed value of realestate in order to increase the tax base, This happens to the poor as well as the rich, yet it will push many poor into loss of thier houses for taxes, a great boon for the rich to snap up property at rock bottom prices. , why isnt THAT worthy of mention?

Aside from catastrophic events that significantly impact the market, it???s the media that perpetuates the rate of flow concerning it's immediate trend, whether pro or con.

It's not a coincidence that a slow news day encompasses a piece detailing of the frightening decline of our home values.

Just another case of the Green-Eye'd GREED MONSTER !!!

Although confident with "reporting the facts" the reality is that these reports fuel the public's perception of despair and keep people out of the market. This, ironically, validates the thesis of the journalist meeting their article deadline. Don't look for good news at the news counter. Tomorrow's top story?..."Your going to Hell in a Handbag" By Daniel McGinn (Photo???s by Satan himself)

Enter your comment

Enter Your Comment

Sorry I have to agree with CAVagrant .There are countless families barely ecking out a survival mode existance. That would sell their souls to be in the " predicament" this guy is in.. So you gambled and lost ...THATS WHY ITS CALLED GAMBLING.The short term mentality That started in the 80s is coming home to roost in a million ways. Sorrry cant cry for this guy.

Enter Your Comment