12 August 2009

40 by 40 Update: #12 Become a Homeowner

(Back in May of 2007 I noticed that a bunch of people in the blogosphere had created lists of 101 things to do in 1001 days. I was intrigued by the notion but felt I needed to change the parameters. So I created my 40 by 40 list. 40 things I wanted to do before I turned 40. Well on August 17th I turn 40, and I need to give $10 to charity for every uncompleted item. So it is time to see how I did.)

12. Become a Homeowner - NOT COMPLETED
Running Tally: $60.00 to charity.

The last time we tried to buy a house was in the overheated DC housing market at the height of the real estate bubble. Thankfully our offer that was way over asking didn't even make it into the top five of those who bid on the same house. After that hairy experience we decided to wait out the bubble. Now that the market here is finally starting to soften we are going to take the plunge and start to seriously look for a house starting in February. Even if the market ticks up we are going to bite the bullet and buy anyway. However, it is highly unlikely that the market will go up much between now and then. Even if the market has bottomed out, it wouldn't bounce back up in any meaningful way by February. In fact, a report just came out this week that shows that 48% of all houses in the U.S. will be worth less than their mortgages by 2011. This certainly doesn't suggest that we have reached the bottom yet. Fingers crossed.

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