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Housepoor?

April 8, 2008

I’ve been thinking about the U.S. economy.  Who hasn’t?  One would have to be in a coma not to have been considering the ramifications of the economic slowdown that is currently going on.  Although we aren’t technically in a recession, the media seems to be driving consumers that way.  Why, I’m not sure.  More news money for them I suppose.  I don’t rely on the television for my news, so I’m not even aware at this point what is qualifying for news on that point.

Closer to home, literally, we’ll be moving in with my mum at the end of the month, not the in-laws.  I moved 4 boxes and 2 bags of stuffed animals to the kids’ great grandmother’s basement today for storage until we close on a house.  Please let it be soon.  Our realtor is on holiday till the end of the week and I’d really like to find something soon.

Yesterday on Dave Ramsey I heard a particular caller and her situation could easily be described as being “housepoor”.  My husband is in the insurance business and with a recession looming on the forefront, his dad has suggested ways that he will be cutting my husband’s pay.  Oh joy.  Regardless, this is one of my biggest fears with regard to purchasing a home.  What is the likelihood that we would be in a situation similar to this?

Buying a home that is only 25% of our take home would put us in a very bad neighborhood, to put it mildly, which simply isn’t acceptable with two small children.  We’re facing a similar but not as drastic situation as that caller (who’s home payment was 60%ish of their total net).  The other side of the coin becomes whether or not our basic necessities are affordable with an inflationary rise to the tune of 15% (a guess on the worst inflation we might be faced with).  What services would be cut?  Cell phone $45 and internet $20 more than likely, but that would leave me home with no access to communcation with the outside world all day.  Scary.

Ah well.  Time to put the kids to bed.

I made a lovely black bean soup and some shepherd’s pie the other day.  Need to get the soup recipe up.

Liz

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