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And, as always, there is good mixed in with the bad. I have an Adjustable Rate Mortgage. I don't have a crazy one, I have the "normal" kind from before they started going crazy with them. It adjusts once a year, is LIBOR(not sure which LIBOR, honestly) + 3.75%. It can only adjust by 2% each year (up or down) and it has done nothing but go down since I got it. I just got my new ARM statement for the next cycle and the rate is down to 4.25%. Between property tax decreases and mortgage interest decreases, my mortgage has gone from $1500 a month to below $1000 over the past 8 years. I'm floored. I haven't paid this little for housing since I rented a small one bedroom apartment.
On the flip side of that, I do owe more than it's worth, since its value has decreased so significantly. Also, as a result of lower property taxes, the infrastructure around here is falling apart though. And, as a result of all the foreclosures, neighborhoods are changing drastically, quickly.
I'll just keep trying to hang on tight and hope that I can make it through the roller coaster ride.
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