I saw this story somewhere on the web and thought it was worth reprinting here. It echoes so many stories of families who bought houses in this town. Things are really down right now and if you have to move, you can be screwed. If you don’t have to move and you can sit tight, then you will be just fine as the market recovers over the next couple of years.

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A welcome sign still hangs by the front door. But Charles and Stephanie Masoner say their three-year-old neighborhood just isn’t what it used to be. “I think everyone’s just feeling really down, I mean, you talk and the biggest thing is the housing crisis in our neighborhood,” Stephanie said.

That’s because each week more homes fall into foreclosure or are put on the market at slashed prices. “This one was originally $360,000 and it’s now selling for like $190,000, right next door to us,” Stephanie pointed out.

They’re painfully aware of the list price of every house on the block and how that’s affected the value of their own home. “I mean, you expect there can be fluctuations in the market. You know it can go up and it can go down,” Stephanie allows.

When they bought in 2005, they felt like they’d lucked out. “They basically told us if you wait you won’t be able to afford one down the road. You know, so buy one now. You know that kind of scare tactic almost,” said Stephanie.

They paid $329,000 for the brand-new, four-bedroom house. It was one of the lowest-priced homes their Aliante community.

So you’re doing everything right. You’re not buying the most expensive house on the block. You put some money down

Stephanie: Yeah, 20 percent

Then, the bottom dropped out. The story of this one neighborhood in a nutshell is the sad story of the local housing market. It was a little less than a year ago that one home was the first one to get into trouble. Now there are fifteen homes in the development that have either gone through the foreclosure process or are in it right now.

And since foreclosures are the only homes selling in their neighborhood, they’ve become the new standard for what these homes are worth. “Right behind us, this house just sold for $182,000. And that’s the same size floor plan,” Charles pointed out.

We’ve all heard the experts say things will get better or it will just take time. But the Masoners say they can’t wait much longer. Charles’ 82-year-old father is ill and they need to move to Idaho to care for him.

But with their life savings tied up in the home, just walking away isn’t an option. “We just feel like we’re in jail, in this prison. Love the house, but it’s just… it’s a nightmare,” Stephanie said.

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Lesson: Never, and I mean NEVER, listen to a broker who tells you that you NEED to buy now or you will miss the boat. If I ever say this in my postings, remind me that I am incorrect and I should not get ahead of myself. I may truly believe this, but it is my opinion and not fact. Remember: I don’t care if you buy or sell, I make the most of my money on my own investments. Brokers and agents make their living off of transactions. They only get paid if somebody else does something, so they will most of the time tell you exactly what you need to hear to (trans)act…

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