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aimeecc · 03-18-2008, 11:00 AM

I didn't see any threads on it, but maybe I'm blind.

So, in a nutshell, Bear Stearns went for a pittance, the market continues to plummet, loans are getting harder to get...

I have a secure job. I have savings. But I'm worried. We have some $ in mutual funds that are declining, so we are thinking of pulling it all out before its worth nothing. Better to pull out now and loose $300 than to hope it will recover and loose even more.

I can't even find a decent CD offering more than 3%.

My hubby and I were going to buy a home, but decided not too. Markets still too unstable (CNN listed greater DC area in the top 25 locations to continue loosing real estate value, estimated 20% decline over the next 5 years - actually, it was #10). Also they want 10% down - which would take all of our savings. And I can't get a loan lower than 5.925 - and that one was an ARM, interest only, with 10% down! Talk traditional, and its more like 6.5%!

I'm really worried about this recession. I can only imagine if I didn't have job security or savings how I would feel. I worry about my brother - he in construction.

Anyone else scared?

03-18-2008, 11:00 AM	#1
aimeecc Super Intendent Join Date: Jan 2008 Location: Arlington, VA Posts: 249	Anyone scared about the economic crisis? I didn't see any threads on it, but maybe I'm blind. So, in a nutshell, Bear Stearns went for a pittance, the market continues to plummet, loans are getting harder to get... I have a secure job. I have savings. But I'm worried. We have some $ in mutual funds that are declining, so we are thinking of pulling it all out before its worth nothing. Better to pull out now and loose $300 than to hope it will recover and loose even more. I can't even find a decent CD offering more than 3%. My hubby and I were going to buy a home, but decided not too. Markets still too unstable (CNN listed greater DC area in the top 25 locations to continue loosing real estate value, estimated 20% decline over the next 5 years - actually, it was #10). Also they want 10% down - which would take all of our savings. And I can't get a loan lower than 5.925 - and that one was an ARM, interest only, with 10% down! Talk traditional, and its more like 6.5%! I'm really worried about this recession. I can only imagine if I didn't have job security or savings how I would feel. I worry about my brother - he in construction. Anyone else scared?