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Interesting NY Times article about elderly and housing limbo

Posted by hddana (My Page) on
Sun, Nov 23, 08 at 10:07

http://www.nytimes.com/2008/11/22/us/22home.html?em

Hope this link works for you, did for me. The article is about elderly who need to go to assisted living or downsize, and can't sell their homes. Sad, but another face to this slump.


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RE: Interesting NY Times article about elderly and housing limbo

Ok, moving on down.


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RE: Interesting NY Times article about elderly and housing limbo

I didn't read the article but your summation tells me enough I think. Quite sad. And it makes you rethink the advice you hear everywhere that you should own your home before you retire. Probably still a good idea in many respects but I believe financial workings might not go back to the way they were. So, 8 years from retirement hopefully I'm trying to dump by old dreams and just keep an open mind to what I'll do when I get there.


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RE: Interesting NY Times article about elderly and housing limbo

A few years ago a large builder proposed a large elderly housing facility for our town. It was to include assisted living (different levels) as well as independent living. Our town is very anti-development, but it finally got approved (there were a lot of issues, like dealing with increased police and ambulance calls, how to address the major traffic issues due to the location, fire issues since we all volunteer, etc.). They cleared the land, put in the stone entranceway and then pretty much abandoned the project, according to one of the neighbors. Aside from the elderly not being able to sell their homes, their kids are less likely to be able to held them financially now as well.


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