6 years and still owe more then its worth

[Boozy]

It really depends on where in the US you are. Decent houses in my area go for at least $150k, more if you want anything resembling a lawn. I bought my house with 2 acres of land for $207k. It's not that fancy, out of city limits, 3 bedroom, 2 bath and a 5 car garage.

Okay, now my mind is really blown.

A 3-bedroom home on 2 acres is easily worth half a million here. Even outside of the city limits.

When I said I was looking in the 200K range, I was talking about 1 bedroom condominiums.

It's so bad here that I can't believe anyone bothers buying a home at all. When the real estate bubble burst in the US, my husband and I actually crossed our fingers that it would have some effect here. It did, but not nearly enough.

[doogiej]

I live in Canada and am looking at a 4 bedroom house with a fenced backyard and double garage for $74,900. If that doesn't work out for us, I'm hoping for a 3 bedroom for $64,900. There are houses for $200K+ here, but I can't afford that.

[Fashion Lad!]

It's so bad here that I can't believe anyone bothers buying a home at all. When the real estate bubble burst in the US, my husband and I actually crossed our fingers that it would have some effect here. It did, but not nearly enough.

The real estate bubble burst was 90% of the reason why I bought the house to begin with. Before that, it would have gone for probably at least a quarter million. Half a mil for what I have blows my mind. That seems greatly, and I do mean greatly, over priced.

[Boozy]

Well, it's all about location, of course.

"Outside the city limits" here isn't exactly rural. My dad's farm is about as far away as you can get from a Starbucks in this area, and it's still only a 20 minute drive to find one.

I know I could find a cheaper home if I were willing to do a longer commute.

I live in Canada and am looking at a 4 bedroom house with a fenced backyard and double garage for $74,900. If that doesn't work out for us, I'm hoping for a 3 bedroom for $64,900.

Where do you live, if you don't mind my asking?

[guywithashovel]

Okay, now my mind is really blown.

This house is currently selling for $47,900 here in Columbus.

http://franklincountyoh.metacama.com...id=01010280100

Is your mind still blown?

[Fashion Lad!]

This house is currently selling for $47,900 here in Columbus.

http://franklincountyoh.metacama.com...id=01010280100

Is your mind still blown?

I can probably answer that for Boozy and say no, because at least for me, the link does not show a house.

[Andara Bledin]

You have to go to the site, then search for the parcel, which is 010 for the first box, then 10280100 for the second. (taken from the URL link) 3 bedrooms, 1 bath, just over 1000 square feet.

The property in question last sold for $60k in November but is actually valued at just under $100k.

That same property in my area would be worth at least half again as much, if not twice.

^-.-^

[guywithashovel]

Hmm . . . it comes up on my end. I'm not sure what's wrong.

http://realestate.yahoo.com/Ohio/Col...212b3d9243d0f9

Here's another link. Let me know if that one works.

[protege]

Here, "outside the city limits" doesn't mean much. All it is, is that you're free from the higher taxes, higher crime, and general stupidity downtown Seriously though, you can easily find homes selling for less than $100K here, even before the housing crisis. Nobody seems to want the items from the 1950s and '60s, when most of the southern 'burbs were founded. They're smaller houses, in other words...which helps keep the prices down. I live in a little 2-bedroom ranch on a near-level lot, and paid less than $90K for it back in 2006. I happened to be in the right place at the right time--the seller had the house up for well over a year, and wanted to be rid of it. I picked the place up for a song--everything else on the street goes for well over what I paid. I still got a great deal though--4-plus years, and I've actually had to do very little, other than general upkeep and repairs. Otherwise, I actually came out ahead--I know someone who spent a bit more than I did...and she's had to sink a fortune into the place. She'll lose her ass if she has to sell, in other words.

[doogiej]

I live in Northern Ontario in a town that has about 75K people. The houses I'm looking at are in city limits. They also need some slight cosmetic work, but nothing too bad.

[FArchivist]

The total amount we are supposed to have paid by the end of the 30 years is somewhere around 170k. One thing to remember is interest is compounded monthly. So at the start it was 311.21 a month just for interest. Roughly .00458333 interest a month.

170K on a loan for a 67.9K house? What. The. FUCK.
Dude, there is something SERIOUSLY wrong there. Either you have some weird-ass variable rate loan or someone is screwing you over, bad. That is NOT normal. I really recommend seeing an accountant or an attorney who specializes in mortgages.

[Andara Bledin]

170K on a loan for a 67.9K house? What. The. FUCK.

Bought 6 years ago, before the bubble burst. Supposed value at the time was likely notably over double.

^-.-^

[Mytical]

Yes the number is off somewhere, but I honestly can not figure it out, and I am pretty dang good with numbers. I know closing cost, mortgage insurance, and land taxes are paid via the mortgage, but we still seem to not be paying it down as fast as we should.

[Boozy]

Bought 6 years ago, before the bubble burst. Supposed value at the time was likely notably over double.

We were informed in the OP that the purchase price of the house was $67,900. Not "over double" that.

I'm not sure what point you're trying to make?

[Mytical]

After 6 years (and whatever amount of principle was removed..) $390/month goes to principle. All the rest is interest/principle/tax/etc.