Page 22 - Mid Valley Times 9-2-21 E-edition

Thursday, September 2, 2021 | B12 | Mid Valley TiMes
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The housing bubble and seniors
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By Jim Dueck
For many decades, owning a home with no mortgage has been one of the more stable investments someone can have, especially a senior. As many have learned throughout
their lives, houses do not get up and walk away in the middle of the night like some “paper” investments can and did 13 years ago. Berny Madoff became famous for his Ponzi scheme that fooled many smart and successful people who thought their “paper” investments were secure when in fact they were not.
In September 2008, then president George Bush, announced to the country we were going off a financial cliff and many banks
especially in unfamil- iar neighborhoods, as well as remembering directions to destina- tions.
Not driving can have benefits. There
is a cost savings when you no longer have to pay insurance, register the vehicle, buy gas, or pay for mainte- nance. You may find that you can walk to some of your destina- tions thus giving you a boost in your overall health. Your circles of friends may increase as you carpool to get to certain destina- tions. At Sierra View Homes the bus goes to grocery stores, to other shopping stores and residents have the pleasure of riding with friends, and en- joy the help that staff provides.
Living on a retire- ment community campus is a solution for many. While you are still driving you will find you do not have to make so many trips. A neighbor might offer to pick something up for you while she or he is out. You certainly would not have to worry about grabbing sup- plies since that’s taken care. Again, you could decrease your trips and slowly find that your own care is not needed. Reedley is fortunate that you can get cab service severely discounted as well.
Giving up driving is difficult because of the freedom we associ- ate with owning a car. However, there are ways to travel in order
failed while oth-
ers could not survive without a bailout.
Do you remember that General Motors needed a bailout to survive? In uncer- tain times, it becomes difficult to know who you can trust with your hard-earned sav- ings. Even though housing prices fell after peak values in 2006, they rebounded and are now at all time highs. If you look back over the past 75 years, you will see housing prices in the USA have gone up and down but
to get to your desired destinations. Friends helping friends, taxi, Dial a Ride and fam- ily are the choices that come quickly to me.
overall, the prices have steadily risen from where they started.
As we all learned in 2006, housing prices do not go up forever and eventually they will go down, some- times dramatically.
Housing prices most recently bot- tomed out in 2011 and have steadily risen ever since. Will the prices go up for- ever? I doubt it espe- cially since it has been reported that there are 7,000,000 homes in the USA where
the home owner is 4
Retirement communi- ties, like Sierra View Homes Retirement Community, have
a bus that takes the independent resi-
months or more be- hind on their mort- gage payment. That delinquency qualifies for a foreclosure and the moratorium on foreclosures ends very soon. No one knows for sure what could happen if millions of homes are foreclosed by the banks. But, as a general rule, when housing inventories go up, prices come down and there is already a slowing in the housing market with fewer offers be- ing made on homes for sale.
dents to the grocery store and other places. When we talk to residents and resident families about driving, we try to be sensi-
So, what does this all mean for seniors? It means that now is still a good time to sell your home espe- cially if you plan on moving to a retire- ment community in the next 2-5 years anyway. It has been 15 years since the last peak in housing prices and no one knows how long it will take to reach the next peak. Selling your home and freeing up your equity could be a good way to set your- self up for your retire- ment years.
tive and informative. Not everyone is like my mother who just informed her children, one day, “I am no lon- ger going to drive.”
MY CAR
Continued from Previous Page
in her car started making comments and alerting her to things she could miss on the road that she thought, “These ladies do not feel comfort- able riding with me.” She just stopped driv- ing. Not driving kept her safe from pos- sible hazards on the road, but it leads to social isolation. Once able to go down town and meet people at the grocery store and other gathering places she (now) was stuck at home. It is important for the person who is giving up driving to have a support system to help them maintain independence. Taxi service, friends and family are all part of the solution to keep
a non-driver active in the community.
It is important to take positive action
to decrease driving risks associated with aging so you are able to maintain a safe driving record. Tend to your health and well-being on a regu- lar basis. Vision and hearing checks should be done yearly. Seek assistance if you have a mobility problem and check with your doctor if your medica- tions could interfere with safe driving. Sleeping well is es- sential to driving well. Sleep medications
can lead to daytime drowsiness. Talk to your doctor about the effect of any medi- cations on driving. Short-term memory problems can lead to trouble with driving,
Private Suites Available in Assisted Living
Located in Reedley
(559) 638-6933 • PalmVillage.com
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We do Business in Accordance with the Federal Fair Housing Law
Walk-in for quick, easy, no cost COVID testing
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250 W. 5th Street M-F 9am-4pm
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65 N. Hockett Street M-F 9am-4pm
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501 N. Bridge Street M-F 9am-4pm
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290 N. Wayte Lane M-F 9am-12pm
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For locations & more information visit
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