TC the Terrible

It’s about time there was some good news in the housing market. At least the fall in existing homes sales last month is good news to me and THE WOMAN. When we moved out here two years ago it was with the idea to rent for a year and then buy. That way we would make sure that we were in the right school district and neighborhood for the kids. Towards the end of that first year we began to realize that a house the size we needed in the school district that we wanted was waaaaaaaaaaaaaayyyyy beyond our means. So we are still renting.

With another year on the current lease and the housing trends being what they are it looks like we made the right call. I’m starting to see signs in NOVA for homes that offer cash for closing and last week saw an auction sign in front of a very nice home. Bad for them, good for me.

Every realtor we dealt with tried to hook us into one of those interest only products. A good idea in a market that is working for the seller, but not now. I’m not an economist and Lord knows that I didn’t spend the night at a Holiday Inn Express so this is only a guess, but it seems to me that a lot of people are going to be in a bind over the next couple of years as the interest only portion of the loan expires and they are forced to re-finance at a higher rate, on the original principal. Those guys are going to get stuck with more house payment than they can make every month and be forced to dump the property for what ever it takes to get out of it. Again, bad news for them and good news for me.

Yesterday I posted about a death, today about a new life.  The NEW GUY called in the middle of the night to tell me that his wife had gone into labor.  Less than an hour later their new son came screaming into the world.  All is good with mother and son.  NEW GUY will be out of the office for a few days so I’m picking up the projects I’d dumped on him.

Time to hit the gym.  I’ll have more after lunch.