Toledo is a joke get out as soon as you can

These concessions the TPA are taking if you can call them that are a joke. The city employees make twice as much as the citizens in the public sector not including their lavish benefits. There are no concessions just delays in getting their take. If you got a job in the private sector and live in Toledo you are an idiot if you stay.

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I'm sure a lot more people would leave, but the Great American Housing Bubble is well and truly over, so they "can't sell their houses". That phrase is an encryption for "can't sell their houses for the fantasy price", and the longer they live in denial about their fantasy expectations, the more that prices will fall. Hence, by the time they wake up from their banker-fueled delusions, they will have lost so much money they will literally just either lock the doors and leave town, letting the house become abandoned, or they will just stay and become embittered.

I'm happy with either outcome, since ashholes around here were playing the same Housing Bubble game that everyone else in the nation was playing, except at a Toledo level of prices. There's no rational reason to buy a house for more than $50 per square foot, but prices around here in 2002 were at $100/sf and up. To add astonishing stupidity to simple stupidity, they then borrowed in order to buy at the $100+/sf price, hence multiplying their moronic purchase to about $250/sf.

I may be getting off on a tangent here, but the point is clear: Toledoans are also trapped. We have a high home-ownership rate -- about 65% -- meaning we don't have enough mobility. Toledoans will have to either accept a serious loss or pseudo-loss (i.e. will have to start over at age 45-55, wiping out 30 years of their economic lives), or they will have to face down their government, or they will have to learn to accept economic rape as a normal mode of living. I prefer that people avoid option 3.

My brother just bought a house in Memphis, TN. Worth noting is that the house includes about 5 acres, a built in pool and is a ranch style home with two master bedrooms. Really and truly worth noting is that the home is valued at about $20,000 more than the selling price, and the APR for the mortgage is fixed at 4.3% (or so - I can't remember the exact rate).

My brother and his wife will live there until they are forced to move for some reason, at which time they'll sell the house.

Mad Jack
Mad Jack's Shack

GuestZero as usual great observation! As a former Chrysler employee I remember telling some of my coworkers back in the early 2000s that they'll end up eating dog food. These people bought the hype of unlimited gains in housing by buying the McMansion as a way to riches. They were mortgaging their future by borrowing to the hilt with both partners working overtime not considering the downside of the "what ifs". I live in a rural area with many farmers who watched this silly housing boom take over the yuppies by building huge cathedral ceiling monoliths in celebration of their false sense of success. Most farmers had this pegged for what it was "a bubble." Now we have these so-called educated up in arms over their sense of entitlement to the better life, angry at others for their foolish expectations. When your government lowers interest rates to 1% when inflation is running at 3% the system is rigged. That's exactly what the past administration did to build the housing bubble to cover their stupid economic model. Now I live near the Sylvania bubble making capital of Northwest Ohio where the foolish built the $400,000 money pits that are now running at a third less valve of 5 years ago!

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Wasn't Greenspan the one who lowered the interest rate? I believe that was under Clinton.

Either way, the lowering of interests rates was suicide.

I heard an interesting theory - not saying I believe it - but it propounds that Greenspan, Ayn Rand's student, did the lowering on purpose in Atlas Shrugged fashion to try to bring down the system.

We're not out of this yet, banks are still failing, and the housing market is screwing us all over.

Except for us first time home buyers - thank you for the low prices.

Yes Greenspan but not Clinton, rates were being lowered after 2000 Tech bubble. After 9/11 the economy was in the gutter when rates hit the 1% to stimulate the economy. Greenspan left them there for a better part of the last decade. This fueled the housing bubble along with bogus tax breaks for cap gains on housing. Now those that are stuck with real estate are stuck with a illiquid asset hard to sell and costly to keep. This asset class is prone to excess taxation by state and local governments. With revenues hard to come by local govs will exploit the fears of economic upheaval thus dumping on the local homeowner.

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Public sectors SHOULD be taking their lumps right along with us. Wish we'd see more of it.

Ditto on the housing market.

But, stop calling trapped people "idiots". That's just not nice.

That's just not nice.

Bad dog, GZ. Bad. No biscuit.

Mad Jack
Mad Jack's Shack

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