New Jersey Home Values Bad News for Boomers
18 Jan 2009
I feel like doing a personal post today, no NJ history, or places to visit, or any of that, just some things that are happening in the lives of two Baby Boomers in NJ, my husband and I.
As you know if you read my blog(s), we live in a rural lake community. Because we have lived here for about 25 years, we had gained a nice bit of equity in our home. We have a mortgage still…would be nice to have that paid off, but the equity came in handy when we had a couple of emergencies and refinanced to cover the bills as well as reduce our interest.
Then when hubby joined the many who have lost their jobs at the age of 50something after working for a company for 30 years, and had to change jobs a few times in 4 years, we found that we had to dip into the equity of our home to make it by a few times.
Then to top it off, this year, the equity went down on our home along with every other home in the Nation. Yes, we still have a chunk left between what we owe and what we might get for our home if we sell it, but I’d say it’s been cut almost in half. That’s a tough pill to swallow if you’re hoping that the equity in your home was going to help you in your retirement one day. Or be something that you can leave your children.
The times are challenging ones, for sure, and there are no easy answers. They are times that can cause worry and fear, or can put us on our knees in prayer, hubby and I are doing the latter and counting of the promises that God has given us to provide all our NEEDS. Even though we live relatively simply, like many, we have our priorities a little off balance in some areas, bad habits developed when it seemed like the money would always be coming in at the same rate forever…ha! We bear some of the responsibility for where we find ourselves.
So here’s to the future, and hopes that things are going to improve, and faith to know that no matter what, we’ll be okay.

