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Started By
Message
re: How many of y'all were personally affected by the 2007-08 financial crisis?
Posted on 12/10/24 at 4:50 pm to RollTide1987
Posted on 12/10/24 at 4:50 pm to RollTide1987
I worked in the financial industry and about 20% of my office got laid off. I managed to keep my job but my division of the company barely survived.
I had 2 young kids and a mortgage at the time. My 401k dropped 50% but it all came back in a year or two.
I had 2 young kids and a mortgage at the time. My 401k dropped 50% but it all came back in a year or two.
0
Posted on 12/10/24 at 4:51 pm to RollTide1987
Everyone was affected. Some people were ruined.
Posted on 12/10/24 at 4:52 pm to RollTide1987
quote:
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.
Well, I worked for a small civil engineering company that specialized in designing subdivisions. I lost my job and the company folded. Everyone that worked there found other jobs, but the one I found didn't pay as well.
Posted on 12/10/24 at 4:59 pm to RollTide1987
Personally I was unaffected. My in laws had just retired and saw their stock investments drop a third. They panicked and sold all their stocks without consulting with us or anyone else, so missed the later market recovery.
Posted on 12/10/24 at 5:00 pm to RollTide1987
Me. My then 401k (now IRA) got slaughtered. It set me back a few years at least.
Posted on 12/10/24 at 5:00 pm to RollTide1987
There wasnt a big effect here. Tourism was down, so many companies didnt break college kids up from the lower 48 for the summer, but we barely felt the recession.
Posted on 12/10/24 at 5:02 pm to RollTide1987
Bought a house in 2007 that lost half its value in 2008. Being underwater 200 grand is not a comfortable position. Have gained it all back and then some but was seriously concerned for a while if I had to sell for some reason.
Posted on 12/10/24 at 5:05 pm to dalefla
at the bottom, I was down about 450 thousand, 401k and stock options. Got half of it back riding the market back up, but the stock options timed out on me. 8 years into retirement
Posted on 12/10/24 at 5:08 pm to dalefla
quote:
Have gained it all back and then some but was seriously concerned for a while if I had to sell for some reason.
We bought our first house in 2005 and needed to move in 2012 and sold it for a loss.
Posted on 12/10/24 at 5:13 pm to The Third Leg
Killed both my parents 401k
One of their jobs became miserable cause they were traveling every week to layoff whole floors of people. One of our neighbors was on their team and was bit awkward between him and I for awhile
One of their jobs became miserable cause they were traveling every week to layoff whole floors of people. One of our neighbors was on their team and was bit awkward between him and I for awhile
Posted on 12/10/24 at 5:18 pm to WeeWee
I was very fortunate to be at a point in life that I was not personally affected. 2008 and to a greater extent, 2012 were more a case of lost opportunity rather than hardship.
Looking back, I was involved in a deal that was a microcosm for the time period. There was a residential gulf front (larger one near far end of West Beach Blvd) in Gulf Shores which had sold in 2005 for $1.2M and was listed in 2012 for $650K. The listing agent hammered me for a week that her client was motivated, make an offer etc.
I live in Houston, and while we had seen a slow down, it was more of things being stagnant than the bottom falling out and I was worried that it was an overall correction for the Alabama gulf coast region and not cyclic and didn't pull the trigger. They likely would've accepted $550-$650K. The same lot sold for $1.75M (over list) in 2022. If you can find one, they are now north of $2M today. The one listed below is same size but in more congested area closer to Hwy 59.
Beachfront 100 x 400 Gulf Shores
Looking back, I was involved in a deal that was a microcosm for the time period. There was a residential gulf front (larger one near far end of West Beach Blvd) in Gulf Shores which had sold in 2005 for $1.2M and was listed in 2012 for $650K. The listing agent hammered me for a week that her client was motivated, make an offer etc.
I live in Houston, and while we had seen a slow down, it was more of things being stagnant than the bottom falling out and I was worried that it was an overall correction for the Alabama gulf coast region and not cyclic and didn't pull the trigger. They likely would've accepted $550-$650K. The same lot sold for $1.75M (over list) in 2022. If you can find one, they are now north of $2M today. The one listed below is same size but in more congested area closer to Hwy 59.
Beachfront 100 x 400 Gulf Shores
Posted on 12/10/24 at 5:45 pm to RollTide1987
I've posted here numerous times about my experience with the 2008 crash. I was living out west at the time, and involved in a small hotel. Our bookings dropped to almost nothing, overnight. It was a complicated situation, and I couldn't walk away. Took about a year to close it down. Ended up bankrupt in the end. I didn't even have enough money to move, and jobs were non-existent. Managed to get a string together a couple of part-time jobs, and did odd jobs on the side of that, but it still took until 2012 before I was able to save enough to move to Louisiana (4 years from the time it crashed).
From there, I was starting from the absolute bottom. I went to law school in 2018, graduated and passed the bar in 2022. I am at least 15 years behind my peers, financially. I will never be able to make up for the lost years.
The crazy inflation, especially at the entry level of the housing market, has been a very bitter pill to swallow. The monthly price for an entry level home in Baton Rouge has effectively tripled since pre-covid.
I try to focus on the positive things in my life, and it seems to work out ok. Other people have it much worse than me.
From there, I was starting from the absolute bottom. I went to law school in 2018, graduated and passed the bar in 2022. I am at least 15 years behind my peers, financially. I will never be able to make up for the lost years.
The crazy inflation, especially at the entry level of the housing market, has been a very bitter pill to swallow. The monthly price for an entry level home in Baton Rouge has effectively tripled since pre-covid.
I try to focus on the positive things in my life, and it seems to work out ok. Other people have it much worse than me.
Posted on 12/10/24 at 5:46 pm to RollTide1987
It mainly affected people who had bought houses beyond their means based on cheap loans and not understanding how credit works.
I was a member of a gym and idiots who sold memberships there were quitting their jobs to become mortgage loan closers. I knew then that the shite would soon be hitting the fan.
I bought a house in 2003 and sold it in 2010 for a huge profit because I didn't buy more than I could afford.
I went to Florida in 2009 and saw neighborhoods where every house had been foreclosed. It was sad. A few bad apples caused everyone else's property values to dramatically decline.
Thankfully, I was able to navigate my way through all that be just using a little common sense.
I was a member of a gym and idiots who sold memberships there were quitting their jobs to become mortgage loan closers. I knew then that the shite would soon be hitting the fan.
I bought a house in 2003 and sold it in 2010 for a huge profit because I didn't buy more than I could afford.
I went to Florida in 2009 and saw neighborhoods where every house had been foreclosed. It was sad. A few bad apples caused everyone else's property values to dramatically decline.
Thankfully, I was able to navigate my way through all that be just using a little common sense.
Posted on 12/10/24 at 5:50 pm to RollTide1987
That was a blip…
SP 2607 Jan 2001
SP 2615 sept 2014
the lost decade…..
Plus a few other times when we had high losses.. fwiw usually took around 18 month to recover from those other 30plus percent haircuts so when the lost decade happened we were just what the heck.is it ever gonna recover . but dollar cost averaging worked.. as long as not retired …
we had house loans in the mid teens in the 80s .. politicians have been manipulating the interest rates for a while now to buy votes..
I do not consider 2007-8 a blip or even recall it as a crisis..there were lot worse years than that in working in the oil patch life.
SP 2607 Jan 2001
SP 2615 sept 2014
the lost decade…..
Plus a few other times when we had high losses.. fwiw usually took around 18 month to recover from those other 30plus percent haircuts so when the lost decade happened we were just what the heck.is it ever gonna recover . but dollar cost averaging worked.. as long as not retired …
we had house loans in the mid teens in the 80s .. politicians have been manipulating the interest rates for a while now to buy votes..
I do not consider 2007-8 a blip or even recall it as a crisis..there were lot worse years than that in working in the oil patch life.
Posted on 12/10/24 at 5:58 pm to RollTide1987
It was Sept 29 2008. Congress killed the bank bail out.. Lehman failed Financial markets disappeared overnight.
At the time i was getting some oil and gas properties ready for sale. But once the financial markets were gone., There were no loans for purchase of Oil and gas properties. We diidnt sell. Had to keep developing the properties for 2 1/2 years till there could be a sale.
Was very frustrating and changed the structure of our company.
At the time i was getting some oil and gas properties ready for sale. But once the financial markets were gone., There were no loans for purchase of Oil and gas properties. We diidnt sell. Had to keep developing the properties for 2 1/2 years till there could be a sale.
Was very frustrating and changed the structure of our company.
Posted on 12/10/24 at 6:00 pm to RollTide1987
Being self-employed producing animation and videos for a wide variety of sources from corporate, medical, ads and broadcast, my work dried up to a fraction of what it had been.
We found a house in Florida that had cost $450k to build for sale by the bank for $100k. Beautiful house in a gated community. Mortgages were in lock-down, but we should have put it on a credit card.
We found a house in Florida that had cost $450k to build for sale by the bank for $100k. Beautiful house in a gated community. Mortgages were in lock-down, but we should have put it on a credit card.
Posted on 12/10/24 at 6:13 pm to RollTide1987
I lost half of my IRA. Took about 5 years to get it back
My business struggled for over two years! Sales where off about 25%! It had been growing 18-25% every year for previous 10!! Took about 3 to recover.
My business struggled for over two years! Sales where off about 25%! It had been growing 18-25% every year for previous 10!! Took about 3 to recover.
Posted on 12/10/24 at 6:21 pm to RollTide1987
What a stupid, dumb, and out of touch thread.
Posted on 12/10/24 at 6:30 pm to gsharky
quote:
I bought a house in 2007. In 2015 I sold it for the exact same price.
Ditto. Ironically, it was in west Texas and if I had held off 2 months I probably would have tripled my profit because Permian basin popped off after that.
Regarding the “people bought more house than they could afford” it was a $75k house with a $450 mortgage. It was fine and I never missed a payment but I lost probably $15k over that 8 years in payments when it was sitting empty in between renters. The week before the bottom fell out I had gotten a job offer 4 hours away. We put it on the market and then got lowball offers !20k below what we bought it for.
I was 24 and too stupid to understand what an asset real estate was financially to me
This post was edited on 12/10/24 at 6:36 pm
Posted on 12/10/24 at 7:26 pm to RollTide1987
quote:
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.
Well, it was a mixed bag.
On one hand, you lost (on paper) up to 60% of your investments for a period of time. And your home plummeted in value.
On the other hand, you could buy $1M high-rise condos in Miami for about $175K. I know someone that bought 3 for less than $500K cash.
It was one of the greatest times to have money on the sidelines, ready to invest.
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