Thingish Things

The Economy Freak Out

Written By: William F. B. O'Reilly - Jun• 16•12

Note to Westchester homeowners: Don’t get a reappraisal — unless you absolutely have to. This is one case where ignorance is better than knowledge.

Trust me.

My wife and I got our house reappraised last month. It was like a 2-by-4 upside the head. We knew it would sting, but we had no idea how bad. Our home has dropped 30 percent in value since we bought it in December 2007, which is an easy number for us to remember — it’s the same percentage we managed to cobble together to put down on the house. In other words, all the equity we had in the thing vanished in four short years.

We should count ourselves lucky, though (and we do). The Federal Reserve released a survey last week showing that the net worth of median U.S. households dropped almost 40 percent from 2007 to 2010, from $126,400 to $77,300. Most of those losses are attributed to the collapsed real estate market. I guess some people bought at an even higher place in the market than we did — the suckers.

The rest of this column is at Newsday Westchester. Thanks for reading!

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One Comment

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