1) We sold our house in Minnesota this spring. It had been listed since July 2007. It was free and clear. We had paid off our 30 year mortgage in our 20th year. By MN statute, Ramsey County showed an estimated ‘sale’ value for tax purposes of $298,500 for 2007. Knowing the market was ‘poor’ our agent suggested the selling price of 289K, I immediately responded by dropping the listing to 279K. After a month on the market, I again dropped the asking price an additional 10K to 279 and then after another month or so another 10K to 269K.

At the end of the listing my agent with Edina had wanted me to re-list at 257K. I declined and she subsequently quit and turned in her license stating that “she” couldn’t make any money in real-estate. Really, she can’t what? ‘Make’ any money. The 700B bailout comes to 18.2K for us (the wife AND myself). Now, 6 months into our attempt to sell, we are already down 40K, ie. >10% and TWICE our bailout share.

Our new new agent, REMAX, suggested an asking price of 249K. After 6 months on the market we actually listed at 239K. Our new agent produced an offer in about 2 weeks for 226K. We accepted and after commissions and other costs we cleared 207K. If you are following the math here, our theoretical, paper loss amounted to some 90K, almost 10 times the bailout cost, five times for the two of us. About 30%, in fact.

Now the sub-prime crisis was not caused by people that paid their mortgages, but, rather, just a small proportion of the market. 700B, the cost of the bailout? Who’s kidding who and what’s the actual problem. All we did was buy and occupy a home for 20 years and paid the bills. . . . and yet we are saddled with a 90K loss. Excuse me can I pay our share of the bailout up front and have our losses expunged. Now, just how in the hell can bad mortgages on whatever percentage of mortgages create a loss of this magnitude? And just who is selling me what when the Wall Street correction exceeds the bailout by some 50%.

Why do I get the feeling that something I’m not seeing or being told about is amiss? . . . . and just how is 700B gonna’ fix that, whatever? Me, I’m all in favor of No bailout and allowing the companies to fail. The bastards should be rooted out and be imprisoned in the general inmate population with the rest of the general inmates. I’ve already lost a bundle in the housing market and then again in the stock market. 700B for a bailout holds nothing for ‘us’, not just ME, but US.

The last time I saw your grandma was at my WEDDING! My mom sent me the message that your grandmother passed away the week of my birthday. I will never forget the time spent in her house and playing pool in the basement with your family! She was a wonderful person who touched so many people’s lives in that small town we all grew up in. She was not only the person I would stay with when I was home sick from school, but she was like a second grandmother to me as well.

On a lighter note, how have you been? Facebook me, I’d liek to hear from you!