Residents: We Need Some Relief, Too
While Congress is debating how best to bail out the financial industry, local residents are wondering who's going to help them out with the high costs of gas and groceries.
Join the discussion below, or Read more at Fredericksburg.com.
#1 Sep 29, 2008
I am outraged with the Government and the lack of
concern for the middle-class, as we the people
are what make this economy run. I did not make any mistakes or take any risk when my family and I purchased my home for 360,000 in 2005 south of
Fredricksburg, VA. Yet, my budget simply could stand the rising cost of gas,food and add on fees
as a result. I have racked up debt that does'nt seem practicle for me to continue trying to own a home now especially one that is worth a fraction of what I paid. I am now seriously thinking of walking away from my home next year if I am unable to sell with out a lose. I will have to sell my home next year due to military transfer.
#2 Oct 3, 2008
$360k for a home. Let's see I don't even want to think about what the monthly payment is on that.
Really, I personally don't know what your situation is, but when buying a home the monthly bill, including taxes and ins, shouldn't be any more than 1 week's pay. Not one paycheck, but ONE WEEK's pay in other words, one fourth your monthly income. Now, what you're debt ratio is after that depends upon car payments, how many credit card bills you have, cell phone, land line, cable TV, etc. If you're so tight financially that you're only socking away $50 a week you're in trouble.
Some people were okay with themselves buying a $300,000 home thinking they'll be in it a couple of years, then sell if for the equity and get into something more affordable with a lower payment and gaining one more equity in that home.
That's like playing the stock market with your entire paycheck.
The banks were just as culpable in this mess by allowing people to finance with such a tight budget. On paper it may have looked good, but in practical terms it wasn't.
Everyone was gambling on the housing market to continue its boom.
I'm certain things will rebound, but it's going to be longer than it was in the early 90's when this area pretty much escaped what the rest of the country went through.
Since: Aug 08
#3 Oct 4, 2008
You have that all wrong.
McCain says you should pay taxes on the health benefits your job provides to you.
Clearly it is Exxon Mobil,that made more money in the last three month period than any company in history for the same time span that needs the help in the form of tax breaks you pay for.
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