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How many of y'all were personally affected by the 2007-08 financial crisis?
Posted on 12/10/24 at 3:17 pm
Posted on 12/10/24 at 3:17 pm
"The Great Recession," as it has been dubbed by the media and historians. When all of that was going down, I was 20 years old and in college. My parents didn't seem to be affected negatively by it and nor did anyone in our immediate or extended families as far as I know. It seems to me that the only people who really got hit were those heavily invested in real estate or those who were working in real estate.
Can someone explain to me how this negatively affected middle class, blue collar people and not just the white collar fat cats? It just didn't seem like that big of a deal to me at the time. Maybe I was just too far removed from it.
Can someone explain to me how this negatively affected middle class, blue collar people and not just the white collar fat cats? It just didn't seem like that big of a deal to me at the time. Maybe I was just too far removed from it.
109
Posted on 12/10/24 at 3:18 pm to RollTide1987
It was impossible for me to buy a house. Mostly because I was 15.
Posted on 12/10/24 at 3:19 pm to RollTide1987
quote:
as far as I know.
Quoted the relevant part for you. You think everyone in your life affected would share that info with a 20 year old?
Posted on 12/10/24 at 3:19 pm to RollTide1987
I bought a house in 2007. In 2015 I sold it for the exact same price.
Posted on 12/10/24 at 3:20 pm to RollTide1987
quote:It was pretty bad dude
Can someone explain to me how this negatively affected middle class, blue collar people and not just the white collar fat cats? It just didn't seem like that big of a deal to me at the time. Maybe I was just too far removed from it.
Infinitely worse than what’s happening now
Posted on 12/10/24 at 3:21 pm to RollTide1987
quote:Well, I bought my first house in a hot market during the housing bubble in 2005 and then had to move in 2008. After more than 1 year on the market of me paying a mortgage, mortgage insurance, maintenance, etc. and rent on a new place, I eventually had to take out a personally loan to bring $30k to the closing table to sell my house.
Can someone explain to me how this negatively affected middle class
Posted on 12/10/24 at 3:22 pm to RollTide1987
I bought my first house in 2008. Got it for a very very good price.
My father gains in all of the negative financial events because they hold no debt. No debt = drivers seat.
My father gains in all of the negative financial events because they hold no debt. No debt = drivers seat.
Posted on 12/10/24 at 3:22 pm to LNCHBOX
quote:
You think everyone in your life affected would share that info with a 20 year old?
I mean...my parents were buying a house in Georgia in 2007 and I heard a lot of back and forth between them while they were in the process of going about it.
I'm not saying it wasn't causing issues. I just didn't observe any from my perspective. My grandfather used to tell me he didn't even realize there was a Great Depression going on until he read about it in a book after it was all over.
Posted on 12/10/24 at 3:23 pm to RollTide1987
I was 20 and majoring in finance and did a little summer gig with my aunt who is a financial adviser with eight figures under management.
After that summer, I got out of finance and figured the law was a better place for me
After that summer, I got out of finance and figured the law was a better place for me
This post was edited on 12/10/24 at 4:31 pm
Posted on 12/10/24 at 3:23 pm to RollTide1987
I did well.
Moved from the real estate market in St. Tammany Parish Louisiana where the impact was minimal bought in the suburbs of North Atlanta where the impact was huge. Sold for a 30% profit 6.5 years later when the Atlanta market was better but still a little sluggish. If I would have waited until now to sell it would have been ~120% profit.
Moved from the real estate market in St. Tammany Parish Louisiana where the impact was minimal bought in the suburbs of North Atlanta where the impact was huge. Sold for a 30% profit 6.5 years later when the Atlanta market was better but still a little sluggish. If I would have waited until now to sell it would have been ~120% profit.
Posted on 12/10/24 at 3:23 pm to RollTide1987
I got a masters in tax law because finding a good job out of law school was pretty tough at that time. A good portion of my class ended up being attorneys who were laid off from Big Law.
Posted on 12/10/24 at 3:24 pm to RollTide1987
Pretty sure Louisiana was the least affected state statistically…..due to oil boom and because hardest hit industries were not located in the state
Posted on 12/10/24 at 3:24 pm to RollTide1987
Katrina actually "saved" the nola area/louisiana from the GFC. While many other markets were melting down, the NOLA area and the state gov was getting truckloads of cash infused by the fed gov. Tourism also was strong in nola during this time, opposite of everywhere else.
Posted on 12/10/24 at 3:24 pm to RollTide1987
I was in college. It did not effect me or the people around me. Most had no idea what was going on. It also didn't affect my parents. My dad didn't lose his job and they weren't looking to buy/sell a house at the time.
This post was edited on 12/10/24 at 3:25 pm
Posted on 12/10/24 at 3:25 pm to RollTide1987
2007, i was coming back from deployment and getting out the USMC
So me specifically, no.
However, a couple guys i was buddies with back then was able to get loans for business stuff prior to the crash when banks were given money to anyone that could show any sort of capital backing.
Basically, if your parents, grandparents, friend, hair dresser, next door neighbor wanted to help you, they could co-sign or just give you the capital and as long as you had it to show, you got the loan.
So me specifically, no.
However, a couple guys i was buddies with back then was able to get loans for business stuff prior to the crash when banks were given money to anyone that could show any sort of capital backing.
Basically, if your parents, grandparents, friend, hair dresser, next door neighbor wanted to help you, they could co-sign or just give you the capital and as long as you had it to show, you got the loan.
Posted on 12/10/24 at 3:26 pm to RollTide1987
My investments dropped a lot, but they've obviously recovered. Nothing to crazy for me, thankfully
Posted on 12/10/24 at 3:26 pm to RollTide1987
If you had just bought a house a couple years prior, you were probably upside down on the mortgage for a little while in most parts of the country.
Couple that with unemployment and you’re in a terrible situation with a mortgage you can’t afford and a house you can’t sell without taking a loss.
Hundreds of thousands (maybe millions) of households found themselves in this situation.
EDIT: See post above by WDE24
Couple that with unemployment and you’re in a terrible situation with a mortgage you can’t afford and a house you can’t sell without taking a loss.
Hundreds of thousands (maybe millions) of households found themselves in this situation.
EDIT: See post above by WDE24
This post was edited on 12/10/24 at 3:30 pm
Posted on 12/10/24 at 3:26 pm to RollTide1987
I lost 3 different jobs as a Builder, with three different companies, because they all went under.
Posted on 12/10/24 at 3:27 pm to HailHailtoMichigan!
quote:
Pretty sure Louisiana was the least affected state statistically
This was my experience. I had to move from Louisiana to Georgia at the time and Louisiana was not as effected as badly as Georgia. Real estate in Louisiana seems to be pretty steady. When the country dips a lot Louisiana dips a little and when the country booms Louisiana booms a little.
Posted on 12/10/24 at 3:28 pm to RollTide1987
It was awful. My parents wouldn’t pay for my 2009 Spring Break.
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