We are officially former homeowners, and now we are squatters!
Living at the in-laws has been working out fine. It helps that it’s the end of the school year, and there isn’t a lot going on at work. I also had one requirement: my own TV with my PS3. Thanks to netflix, we’ve had plenty of stuff to watch, and games to play when we need our own space.
Our original plan was to move out of the townhouse, and then find a new place to buy…but going through the process of getting out of an underwater mortgage has a way of changing you. The more I read about the housing market and the economy, the more reticent I am to get into a new mortgage. Lots of people are saying prices could still drop another 20% before they stabilize, and I believe it. Some of the houses we’re looking at in Rossmoor are still $200k more than they were in 2002. And even if prices don’t go down…there’s no way they go up. Combine this with unemployment, all the foreclosures banks haven’t even tried to unload yet, potential for rising interest rates, and we’re just not ready to buy anything.
So for the last week or so we’ve been looking at renting. If we can find something to rent that is a lot cheaper than buying, in the neighborhood we want, and is a place we can see ourselves living for a while, then renting makes sense. We went and looked at a place last Friday, and we’re putting in our application tomorrow.
So we’ve got a lot going on here as the school year comes to a close. I’m glad summer is coming.