Roth Ira, home value Middle Class

[Cherie762]

guess what if you invested 10k in an ira in 1998....guess what its wort today ?  10k..how bad does that stink...just shring a piece of mail I recieved today...thank God we cashe in our stock and iras to pay off credit cards who would known.

another fact my hous we had built is now 9 years old we added a pool, poly resin fence a deck, landscaped, a professionally finished basement..it was worth 125k more 5 years ago than it was assesed at a few weeks ago when we tried to refinance it worht exactly what we paid for it...so come tax time Im taking that assecment to city hall..

I can truely see why middle class is fading..Im going to a tech school costs big bucks we get no pell grants no help ...the middle class truely struggles

Ok I feel better just venting /...anyone want to join feel free..

[Cherie762]

your right..Id like to stay here until youngest graduates high school...hopefully thats 5 years off ..andits predicted the market will turn by then..I want to make a profit on this home we keeep it up nice I was floored when they said its value was what we paid for it after weve invested thousands...for sure we will fight our taxes Im taking that assesmeent to city hall and thats what we are gonna pay taxes on.

[jollyman069]

cheri at one time thats really the only thing the middle class had to look forward too was buying a house.. the one investment that wouldnt loose money... so i think this tells the country just how close to a depresion we really are

[Cherie762]

If we sold it now wed break even a house usedto be the best investment you could make we started out in a two bedroom bungalow made 30k profit on that moved up to a 3 bedroom brick ranch made 70 k on that so 5 years ago when times where good our house was a fabulous investment..one of our neighbooors just lost his home to the bank,,,has a big green sticker on it...I think that yes this is a buyers market people are losing their jobs left and right...they are selling their homes for near what they paid for them not even including improvements,,,,Id say if you are very secure that there is not a chance youll lose your job that yes talk to a real estate adjent...the rule of thumb is to interview three adjents before you choose one,

We arent going to dare sell this house with the belief and hope that times will get better and when we do sell it we will make a capital gain ...400,000 people have lost their jobs in MI its the worst in the nation...

[PrettyKitty1]

Ouch!!!I'll say it again...OUCH!!! I am so sorry you're struggling so hard. We all are. I don't own a house. Is this the right time to buy one? I mean, taxes are 4% now, which significantly lowers your monthly payment (just mortgage) for new buyers. I see your case, Cherie, and I get scared that after 10 years my house, after being remodeled and improved will cost the same, if not less than what it did when I bought it. I would like to read more about this. This is a good thread. My dream is to have my house. I just don't know if this is a good time to buy.

wow...125K more 5 years ago.......wow. Had you sold it back then you would have actually made a whole lot of money. You sell it now, you'll lose a lot.