Monday, August 4, 2008

Status of the Cashola

Well, folks, last month was probably the first month we had a dip in net worth thanks to our little friend, the Slab Leak (I imagine that if I were to personify the slab leak it would be like a little ugly, smelly troll hiding in the bushes). Well, if I don't include the house. If I include the house, then I've had a monthly net worth decrease ever since we bought it.

In an effort to replenish the emergency fund of the $5600 gaping hole, I chose to pay off less debt. So, only an extra $650 on the car. Last month, we paid off $1213 of debt.

And, just to put into perspective the painful decline of our home value, in case you didn't yet feel sorry for me.

April 2007
Paid/Home value $530,00, new loan(s) for $465,000 - equity: $65,000

August 2008
Home value $433,500 (from zillow), loan balances $456,221 - equity: ($22,721)

Nice.

People keep telling me, "it's OK, it'll come back eventually."

My Ass it will! When will that be? 2017? I'd be happy if it just stopped bleeding and stayed stable. Nevermind growth. How about it doesn't lose $10,000 each month? Just stay fucking stable so when I pay my the loan payment, I actually see my equity grow rather than continue to fall further into the negative. Christ Almighty. No wonder people walk away from paying their mortgages - this feels like an exercise in futility and insanity.

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