Friday, March 4, 2011

Rising Gas Prices Hit Home -

Note we can relate: selling a home when you are out aways in a depressed market means you may end up with short sale, or foreclosure - it is even hard to find renters to reduce the loss.

Rising Gas Prices Hit Home - "Since then, the home's value has fallen nearly 40% and his wages have been cut 20%. About two years ago, the monthly payments on his home jumped to $2,400 from the original $1,800, taking a big bite from his $45,000 annual salary. Still, Mr. McBean has held on and continued to make his payments.

But the rising price of gasoline, currently around $3.40 a gallon in the Homestead area, has hurt. Mr. McBean said his gasoline costs doubled in recent years and it now costs him $80 to $100 a week to fuel his 1997 Ford F-150 truck. And his expenses are likely to keep rising; energy analysts expect average gas prices to hit a peak somewhere between $3.75 and $4.25 nationally this summer, in part because of turmoil in the Middle East.

With the higher mortgage and gasoline costs, and a one-hour commute to Miami on Florida's Turnpike, Mr. McBean is considering leaving Homestead, though he hopes to avoid foreclosure. 'I would like to move somewhere closer to work,' he said. 'The money I could save over three to four years, I could put down on another home.'"

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