All those who posted 'it won't affect me' well guess what - it will and it's starting. My nephew by marriage who has over 75k worth of student loans and couldn't find a good enough job found one doing aircraft part manufacturing and installation. Today he is finding out if him and his whole department are getting pink slips all due to the economy. His boss flat out said they have to scale back. So it begins.
Another friend who works in a union carpentry in the city - got let go (now this does happen a lot then they get rehired) but with the shortage of spending on new construction he said he maybe out of a job.
This is only two that are close to me that just happened yesterday.
At the college I work for we are waiting to see what is going to happen at the state level because when it hits us ITS BAD. I have been told it starts with the request for people to retire then it goes to little people like me and then they flush out everyone else. I mean its very much talk right now and we are not completely in a panic. Dh and i can always go back to our jobs at food stores that are open to us and since we don't have a mortgage or high bills we will be fine, but hell its getting concerning.
KarinAmanda
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Re: Another economy post - it is starting
seriously, we just bought a house. im scared
for all of those who are trying to get mortgages! it is not going to be easy
as if life wasnt tough enough for our generation
Future Mulligan
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Re: Another economy post - it is starting
im hoping we dont really feel the affects, we are both in pretty secure jobs at the moment but its true that you never know what might happen but both of our jobs are pretty secure right now....the thing that will affect us is my FH probably wont get a huge raise or bonus this year - which he usually does - so that will s-u-c-k....i was hoping he'd get like a 15K raise and that is probably not going to happen right now it still might but im not sure....
it will affect us because we were planning on buying a house like NOW and im not so sure that is going to happen anymore, not sure if want to take a risk with the way things are going and im not sure how easy it will be to get a mortgage anymore - even though we have the money, no debt and great credit it STILL probably will be really hard to get a mortgage- which totally s-u-c-k-s, id probably be nevous if we just bought a house though so im glad we didnt jump the gun
mRm2008
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Re: Another economy post - it is starting
I am reading this post as I'm sitting here w/ DH's Roth IRA portfolio in front of me. My stomach is seriously churning seeing what he has lost over the last few months
We have our home up for sale since July and didn't have one bite on it
This is a scary scary time right now - at least I feel it is - its going to be a LONG time until things turn around.
Kimbalina
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Re: Another economy post - it is starting
It is sad that we have to go through these slumps and that life becomes uncertain.
failurebydsign
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Re: Another economy post - it is starting
the place where i live RUNS on aircraft..and our economy is BOOMING..the number one real estate market in the country
these big cities and major areas are realy hurting and i feel bad for the family members of mine that are hurting
we bought our house in april we just got our tax bill yesterday and its value has already increased by 19%..
im so glad that were doing well and i feel for the people that its affecting
loislane
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Re: Another economy post - it is starting
It's a scary time right now and all we can do is just ride this out. I think the more people panic the worse things get. I know it's easier said then but I just feel the more negativity that you see on the news over and over and over again the more panic and things just seem to go from bad to worse.
Future Mulligan
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Re: Another economy post - it is starting
Posted by loislane
It's a scary time right now and all we can do is just ride this out. I think the more people panic the worse things get. I know it's easier said then but I just feel the more negativity that you see on the news over and over and over again the more panic and things just seem to go from bad to worse.
i agree.....im not panicking.....we have such an exciting time ahead of us with the wedding so close - then the honeymoon, im not going to start panicking or let us this ruin my fun we always have been savers so we really dont see any changes we can make, once the wedding is over that is a big bill that we wont be paying anymore - every few weeks its something else wedding reltaed that we have to pay for - just not paying for the wedding will DEF add to our savings - if you break it down the wedding has been costing us like 4k a month at least since we got engaged which is disgusting and honestly i dont even know how we mangaged to pay for it but at least once its over its a big chunk we can be saving instead.....i cant wait 64 days to go!!
nifheim
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Re: Another economy post - it is starting
Posted by failurebydsign
the place where i live RUNS on aircraft..and our economy is BOOMING..the number one real estate market in the country
these big cities and major areas are realy hurting and i feel bad for the family members of mine that are hurting
we bought our house in april we just got our tax bill yesterday and its value has already increased by 19%..
im so glad that were doing well and i feel for the people that its affecting
Yea i think its because NY is not so hot to begin with, keep telling DH we gotta move and get out of here.
Espo22
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Re: Another economy post - it is starting
I dont know why ppl thought only those in the financial industry would be hurt and nobody else had to worry. If our economy is doing horribly then many others will suffer.
I feel bad for alot of students. Two days ago they said that many private lenders and banks have completely stopped giving out student loans. And even those that do give student loans have made it even more strict. SOmeone posted an article about their rules now.
Also some CC companies this week have lowered their credit limits for existing clients and ppl will start getting letters in the mail soon. Amex is definitely doing this.
If you wanted to buy a house it has just become even harder right now. Loans are going to be so hard to get, banks wont be available to give them out even to those with great credit. And if you get it, the interest rates will be high.
It does effect many other ppl, and many other industries too. With economy doing bad, people are spending less so of course it will effect many other people. Those who even work in retail, beauty industry(my mom has seen a difference), restaurants and the list goes on.
bluegreen08
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Re: Another economy post - it is starting
it has definitely been affecting my classmates... in the past summer associates could expect to get permanent offers unless they majorly screwed something up.
this year a lot of firms no-offered large percentages of their summer associate classes. a lot of people are still scrambling to find jobs, and we're a top 20 school
Espo22
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Re: Another economy post - it is starting
Posted by Future Mulligan
im hoping we dont really feel the affects, we are both in pretty secure jobs at the moment but its true that you never know what might happen but both of our jobs are pretty secure right now....the thing that will affect us is my FH probably wont get a huge raise or bonus this year - which he usually does - so that will s-u-c-k....i was hoping he'd get like a 15K raise and that is probably not going to happen right now it still might but im not sure....
it will affect us because we were planning on buying a house like NOW and im not so sure that is going to happen anymore, not sure if want to take a risk with the way things are going and im not sure how easy it will be to get a mortgage anymore - even though we have the money, no debt and great credit it STILL probably will be really hard to get a mortgage- which totally s-u-c-k-s, id probably be nevous if we just bought a house though so im glad we didnt jump the gun
Nicole, on the news they were talking about how its harder to get mortgages BUT they actually brought up short sales and they are actually trying to help with short sales and trying to make it easier
Future Mulligan
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Re: Another economy post - it is starting
Posted by Espo22
Posted by Future Mulligan
im hoping we dont really feel the affects, we are both in pretty secure jobs at the moment but its true that you never know what might happen but both of our jobs are pretty secure right now....the thing that will affect us is my FH probably wont get a huge raise or bonus this year - which he usually does - so that will s-u-c-k....i was hoping he'd get like a 15K raise and that is probably not going to happen right now it still might but im not sure....
it will affect us because we were planning on buying a house like NOW and im not so sure that is going to happen anymore, not sure if want to take a risk with the way things are going and im not sure how easy it will be to get a mortgage anymore - even though we have the money, no debt and great credit it STILL probably will be really hard to get a mortgage- which totally s-u-c-k-s, id probably be nevous if we just bought a house though so im glad we didnt jump the gun
Nicole, on the news they were talking about how its harder to get mortgages BUT they actually brought up short sales and they are actually trying to help with short sales and trying to make it easier
there are sooooo many short sales in my moms area in florida - which is good for us as buyers because these houses are brand new - a lot of them were built in 2005-06 when the housing market was booming and prices were sky high, then property value dropped significantly in my moms area and people couldnt afford their homes anymore - and those people were paying mortgages for homes that were worth 250K when they bought and now are only worth 180K in todays market - so even if they sold they are still stuck - but anyway a ton of the homes in that are on short sale for 150K and less......we found a house, a little older (built in 2001) on 1/3 of an acre, it has a 16x24 inground swimming pool with concrete all around it and its inside a screen house, it has1600 sq ft living area (not including 2 car garage and closets)....and its bank approved to sell for 136K - it was bought in late 2005 for 230 or 250 i cant remember - and its estimated to be worth 165-180K in todays market - so doing the short sale saves us 30-50K on the home....but what worries me is that the real estate market down in florida is one of the worst in the country - so i dont know if the house could be worth less than 136K in 1 year or two because of the economy, or even if property value goes up again and we want to sell, its not that easy to sell in florida - we plan on living in our starter home for awhile but its still nervewracking!! if the economy wasnt bad i wouldnt be as worried but with this stuff looming in the background it makes me a little weary..........but i want to be close to my parents, i want a house, i want to be able to start a family in 5 years and not have to wait b/c we still are renting our in laws basement
