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alstry (35.42)

Houses Worth LESS THAN ZERO

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October 21, 2009 – Comments (7)

Based on applied Zombulation theory....if we continue to lose jobs, slash wages and devalue the dollar causing staple prices to rise....pretty soon people will be paid to live in homes due to the number of vacant residences needing to be maintained and property taxes paid.

States rely heavily on property taxes for revenues.....they need people living in those homes and paying taxes.  Based on the crashing dollar and falling wages....fewer and fewer will be able to simply maintain a home less pay any interest after taxes, insurance, food and medicine.

My guess is banks will soon be giving away homes so long as the people can pay the property taxes, insurance and maintanence.

My business partner has a vacation home on Lake Michigan, in addition to one in the Keys...botyh on the water of course.....the property taxes on the Michigan home alone is over $50K per year without maintenance, insurance and utilities.  He and I now joke, not really that funny, that he couldn't give away the home because no one would want to or afford tomaintain it at around $7K per month.

Yesterday, I spoke to one of the largest building suppliers in Florida, a friend of my partners, he regularly reads the Dodge Report to see what is going on in construction....he joked that bathroom remodels are now being reported because there is so little major constuction going on.......and things die after the end of the year.

I know, this is only construction.....welfare and unemployment are growing strong....so is military.

How much of a home can one afford on welfare or unemployment as more and more lose their jobs and still have to eat at the same time????

Two School Districts Face Massive Cuts


http://www.wlns.com/Global/story.asp?S=11348943

It ain't just two my friends..............................

IF YOU ARE IN CONSTRUCTION, THIS IS NOT JUST A DEPRESSION...IT IS THE WORST DEPRESSION IN HISTORY.... WHICH IS EXACTLY WHAT ALTRYNOMICS FORCASTED A FEW YEARS AGO WHEN THE CHIMPS WERE LOOKING FOR LAND TO BUY BANANAS

 

7 Comments – Post Your Own

#1) On October 21, 2009 at 1:38 PM, Entrepreneur58 (35.91) wrote:

It wasn't uncommon during the Great Depression for mansions which cost millions to build in the 1920s  to sell for close to zero because almost nobody could afford the taxes and upkeep.   Even some of the wealthiest families in the US had to rent out rooms or give guided tours of their mansions to the public in order to pay the taxes. 

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#2) On October 21, 2009 at 1:54 PM, Rasbold (91.48) wrote:

Damn, right, Brother.

 

I am  ...wait... WAS an electrical contractor in the hottest building state in the union, California. Now I CAN'T EVEN FIND DECENT WORK!!!

In '07, I couldn't SPEND all of the money, now even my county's (El Dorado)  BUIDER'S EXCHANGE has closed!!

 

We are not building anything. The last electrical work I did was in August.....on my own house!

 

God help us all.

 

 

Good Luck and May Your Dow Never Jones!!

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#3) On October 21, 2009 at 3:06 PM, alstry (35.42) wrote:

When you are ZOMBULATED...you SHUT DOWN!!!!

Intermet To close Its New River Foundry in Radford

Regions Financial to Close 121 Locations Next Year

Halifax Bank Closing 5 Branches

Eli Lilly - Plans Job Cuts , Adds Jobs Overseas

Update: Iowa News - 800 Layoffs + Other Cuts

Freescale Semiconductors - More Job Cuts Today 

Sallie Mae - 2,000 Layoffs Possible

Quelle ( Germany) - 4,000

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#4) On October 21, 2009 at 3:22 PM, jmt587 (99.87) wrote:

I heard that if the recession gets any worse, they're going to have to shut down the internet to save money!  What will we do then?!  How will Alstry get his message of hope and preparation out?!

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#5) On October 21, 2009 at 3:39 PM, givmeabreak (29.06) wrote:

I love how jealous you are and always have been at floridabuilder's popularity versus yours.

 

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#6) On October 21, 2009 at 3:42 PM, alstry (35.42) wrote:

FloridaBuilder is one of best bloggers on CAPS....to be even mentioned in the same sentence is an honor.

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#7) On October 23, 2009 at 10:08 AM, OneLegged (< 20) wrote:

I too am a contractor.  I have worked exactly  74 days this year.  My bids for hourly jobs have dropped from $50.00 per hour in Dec. 2008 to $20.00 today.  Not that there is anything to bid on.

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