tag:blogger.com,1999:blog-15223784.post115212060478118877..comments2023-10-08T06:24:07.089-07:00Comments on Seattle Bubble: Home Ownership Above All ElseThe Timhttp://www.blogger.com/profile/14832570891451659976noreply@blogger.comBlogger53125tag:blogger.com,1999:blog-15223784.post-1152372007284440462006-07-08T08:20:00.000-07:002006-07-08T08:20:00.000-07:00You should comment more often Tim :-) Quite the vo...You should comment more often Tim :-) Quite the voice of reason. Anyone buying for quick appreciation is risking a lot, and always has been, if nothing else because of the il-liquidity of RE.<BR/><BR/>Despite that, there are still many compelling reasons to buy a home, which are all too quickly dismissed by the most bearish people here. Most people (75%?) that I know don't plan their housing and moves around the RE market ups-and-downs. They plan moves around major life events (e.g. getting married, having a second kid, moving out of state for a job, retirement, etc.). Moving is disruptive and they like the stability of owning/knowing their house or (as the previous anon poster said) getting to do stuff that makes the house more to their liking.<BR/><BR/>I also doubt people who do view RE solely as investment/through economics are as good at timing the market as they think they are. That was certainly true of both stock market bulls and bears. Lots of people didn't get out before the crash, or re-invest before the run-up. I remember plenty of "short covering" as the stock market increased and plenty of people who sat out on the sidelines past 2002 waiting for an even bigger crash.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152223737820654522006-07-06T15:08:00.000-07:002006-07-06T15:08:00.000-07:00Good for you, Anon @ 02:58:43. As I've said befor...Good for you, Anon @ 02:58:43. <BR/> <BR/><A HREF="http://seattlebubble.blogspot.com/2006/04/homeowner-friends-do-it-right.html" REL="nofollow" TITLE="Homeowner Friends Do It Right">As I've said before</A>, I don't think it's inherently wrong to buy now, provided you do so with your eyes wide open to the risk involved, and you're willing to ride out any impending storm. What's <B>not</B> wise is to buy right now thinking you're just going to ride the appreciation wave for a few years then upgrade, and to stretch your finances to the max in order to do so.The Timhttps://www.blogger.com/profile/14832570891451659976noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152223123738534332006-07-06T14:58:00.000-07:002006-07-06T14:58:00.000-07:00It's true that mortgage interest is pretty much li...It's true that mortgage interest is pretty much like "throwing money away," but some of that throwaway you get back with tax deductions. Plus, it's hard to put a price on pride of homeownership, as cheesy as it sounds. I just bought my first home for way more than I ever thought I'd spend on a "starter" home, but I love the fact that I can change the paint colors to whatever I feel like. I love the fact that I can rip up the nasty linoleum and replace with something nicer. I love the fact that I just knocked out the stair rail and built a new one for nothing more than the price of building materials and a little sweat. I especially love that I don't have to haggle with snaky landlords anymore!<BR/><BR/>I'm not saying that home prices aren't inflated, but generally speaking, real estate rises over time. Even if the market softens (or bursts, heaven forbid), I have no problem riding out my investment through the dip in the market and making money when I choose to sell on the upswing. And through that dip I'll be living in a place I'm proud to say I own.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152211560700441612006-07-06T11:46:00.000-07:002006-07-06T11:46:00.000-07:00100% said..."In fact, I'm going to correct that pe...100% said...<BR/><BR/>"In fact, I'm going to correct that percentage and say 100% of the people coming here want to buy once it makes sense to do so."<BR/><BR/>Wrong! I have never really wanted to buy a house. I like being a renter. And no, I am not a deadbeat -- I'm 43 years old, single, and gainfully employed. And I like someone else having to worry about the plumbing, the replacement windows, the landscaping, etc.<BR/><BR/>I read this blog (and TheHousingBuggle.com) because I want to know about the larger economic picture. When RE crashes, lots of other sectors will be affected. I want information and opinions about good places to rent, where I should look for my next better-paying job, etc.<BR/><BR/>I do not want to buy a house or a condo. I want to move up to a better rental apartment.<BR/><BR/>--SeattleSisAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152205926105944982006-07-06T10:12:00.000-07:002006-07-06T10:12:00.000-07:00Lake Hills Renter, are you out there? Hope this ar...<I>Lake Hills Renter, are you out there? Hope this article will make you feel better about your decision not to buy! </I><BR/><BR/>Yes, I am still out here, and it was just a momentary lapse of doubt. I'm back to my bearish self now. :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152205301224079432006-07-06T10:01:00.000-07:002006-07-06T10:01:00.000-07:00Windfall profits from the past are always dredged ...Windfall profits from the past are always dredged up as evidence for buying into current speculative markets; unfortunately, such profits are no longer sustainable and are subject to reversals of fortune. <BR/><BR/>I read about a guy who registered the url "finance.com" for $60, then sold it during the dot.com craze to Citibank for $3 million. <BR/><BR/>Obviously, in retrospect, we should have done that before him, but we didn't.<BR/><BR/>However, now that the dot.com mania is over, there's no point in doing it now. There's no longer any upside.<BR/><BR/>Get the point? Buying housing years ago would mean windfall profits today - BUT such profits are no longer achieved by buying in at the top of the market. As a significant correction is likely, buying in now risks equally large losses. <BR/><BR/>I don't hate housing; I've owned in the past and will own again; I make enough money to buy in even at these inflated prices; however, I hate losing my money in bad investments.<BR/><BR/>It's really that simple.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152203128147684292006-07-06T09:25:00.000-07:002006-07-06T09:25:00.000-07:00So true....you can find articles calling for a hou...<I>So true....you can find articles calling for a housing crash all the way back to 2002. But look what's happened since then?<BR/></I><BR/><BR/>This is proof of... what? <BR/><BR/>This area was in a deep and persistent recession in 2002, but prices were still rising at above the historical mean rate. That's highly abnormal. <BR/><BR/>The last time this area had a recession that deep in the early 80's, the housing market softened, rather than accelerated. <BR/><BR/>Seeing what was going on in 2002 as the early stages of a mania unsupported by fundamentals like job, income and population growth was logical. But it was certainly too early to make a prediction about timing.<BR/><BR/>That's one of the key characteristics of a bubble - it goes on growing well beyond point that any rational analysis could predict.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152196672134027632006-07-06T07:37:00.000-07:002006-07-06T07:37:00.000-07:00In fact, I'm going to correct that percentage and ...<I>In fact, I'm going to correct that percentage and say 100% of the people coming here want to buy once it makes sense to do so.</I><BR/><BR/>Nah, I already have a house. I only come here so I can read and share risky cases, so I can feel good about having bought when I did:<BR/><BR/>AA is a woman in her late forties. She had a house in Bellevue that was foreclosed against ten years ago. In January 2005 she put 20% down on a $500,000 Kirkland townhome with a 5/1 ARM. Her lowest APR was 5.99%. With her APR pegged at five percentage points above index, I'm sure she's paying more per month now.<BR/><BR/>VM & DB have two children. They moved from their Shoreline home (sold @ $314K this year) to a house in a Snoqualmie planned development. They have two mortgages totalling $435K. The primary mortgage is 30-year fixed, the second mortgage has a 15-year term.<BR/><BR/>I figure ABA must be making $120K-$160K, and the couple's joint AGI is about $160K. Who buys beyond 3.5 times their household income?<BR/><BR/>Reading about the mortgages made me choke. Sure, ABA has an adult child, so she doesn't have after-school care to contend with, and the couple has youth on their side. Sometimes it seems everybody has rich grandparents who kicked off, or earns $150K/household (who is actually earning the median income?) or are darn excellent with their money, aside from stashing retirement funds away.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152195915498297042006-07-06T07:25:00.000-07:002006-07-06T07:25:00.000-07:00There is something missing from your analysis - ca...There is something missing from your analysis - capital-gains taxes. Nowadays, you're likely to pay more taxes from stocks than from housing due to the $250k capital-gains exemption for housing. (It's worse if you're paying short-term capital gains taxes on your stocks, rather than long-term.)<BR/><BR/>But fundamentally you're on the right track. Over the long term, <B>housing appreciates with wages</B> and <B>stocks appreciate with corporate earnings</B>. Guess which one grows faster?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152180973513673532006-07-06T03:16:00.000-07:002006-07-06T03:16:00.000-07:00"Appreciation would have been 3.9%/yr but I wouldn...<I>"Appreciation would have been 3.9%/yr but I wouldn't have invested $335,000....The investment would have been say 3-5% down + mortgage payments that would have been offset by rental income and int. deductions. Therefore, the return would've be greater than 3.9% per year."</I><BR/><BR/>Riiiight. You were going to get a loan of $335k, in 1996, with only 3-5% down.<BR/><BR/>Two questions:<BR/><BR/>1) What are you smoking?<BR/>2) Can I have some?<BR/><BR/>In 1996, in the real world, everyone else was paying 20% down on a 30-year fixed, with an interest rate of somewhere around 7%. By my calculations, you would have paid about $220,000 in interest by this year, and paid down about $50,000 in principal.<BR/><BR/>For those of you playing along at home, that's $22,000 per year in interest. If we assume the rosiest scenario -- you're in the top income tax bracket -- that means that you would save about $6600 a year on taxes due to the mortgage deduction.<BR/><BR/>So, you put away a total of $117,000 in principal, paid a total of $220,000 in interest, and saved $66,000 in income taxes over those 10 years. And you sell this year for $850,000....a net profit of $579,000 on a $337,000 investment. That's a 5.6% annualized growth over those 10 years (assuming that you paid for maintenance, insurance, taxes, and utilities by renting out your spare bedrooms -- hope you don't value your privacy!)<BR/><BR/>So, hey...5.6% annualized growth...not bad, Mr. Buffett! When is the book coming out? You should have your own cable show!<BR/><BR/>Not so fast, though. What if, instead of your expensive home, you had put your money into the Dow instead? Well...on July 6, 1996, the Dow closed at $5,588 per share. Today, it closed at $11,152. Guess what? That's a <B>7.15%</B> annualized growth rate.<BR/><BR/>D'oh!<BR/><BR/><B>Real estate is a bad long-term investment.</B>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152171735479596882006-07-06T00:42:00.000-07:002006-07-06T00:42:00.000-07:00Thanks for the clarification RR. I also missed the...Thanks for the clarification RR. I also missed the boat on a 180K house in '96 that was last on the market for 1.2 million dollars.<BR/><BR/>I don't expect it to go back to 180 K, but I sure don't think it's going past 1.2 million either!<BR/><BR/>It's examples like this one (and I've seen plenty) that make me laugh when I hear people deny there is a bubble in Seattle.<BR/><BR/>Appreciation? We've seen plenty. More than most places in the US.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152170583600165552006-07-06T00:23:00.000-07:002006-07-06T00:23:00.000-07:00Sorry, I should clarify...I had the opportunity to...Sorry, I should clarify...I had the <I>opportunity</I> to purchase the Green Lake house 10 years go. But I didn't. Back then $335,000 was an incredible amount and on the high-end for Green Lake properties.<BR/><BR/>I only bought 2.5 years ago...not Green Lake. When I purchased, the mortgage was $700 more than my rent. So, it's relatively similar to the Ballard example.<BR/><BR/>Back to Green Lake...the what if's...Appreciation would have been 3.9%/yr but I wouldn't have invested $335,000. Who pays cash for properties? The investment would have been say 3-5% down + mortgage payments that would have been offset by rental income and int. deductions. Therefore, the return would've be greater than 3.9% per year.<BR/><BR/>---------------<BR/>I agree with the BH's, the housing affordality index for King co is about 80% and prices are just outrageous. If I didn't jump in when I did (which was a tough decision...pre-realtor days), I'm not so sure I could afford to do so now. Ok, so that kinda contradicts an earlier statment about playing in the game rather than sitting on the sidelines...if you can't, you can't.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152169478826753192006-07-06T00:04:00.000-07:002006-07-06T00:04:00.000-07:00They are saying home prices became disconnected fr...<I>They are saying home prices became disconnected from incomes because of the easy money. </I><BR/><BR/>WOW! Next thing you know, they will report that the cyclical, daily rise in air temperature is caused by a big, bright light that presents itself in the Northeastern sky every summer morning.<BR/><BR/>Well, late is better than never.Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152169113961530592006-07-05T23:58:00.000-07:002006-07-05T23:58:00.000-07:00Re the funky mortgages:The article is in last Sund...Re the funky mortgages:<BR/><BR/>The article is in last Sundays (July 2) RE section of the Times, front page, "Short Term Mortgage Rates Rising, Economy Feeling Effect".<BR/><BR/>It explains how home prices were allowed to rise so far only because of the loans handed out over the past several years:<BR/><BR/>"As a result, homes appreciated by the double digits in some areas, including Seattle". (page F 5, paragraph 4)<BR/><BR/>They are saying home prices became disconnected from incomes because of the easy money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152168461249135552006-07-05T23:47:00.000-07:002006-07-05T23:47:00.000-07:00Meshugy,You are a valuable part of this forum. We...Meshugy,<BR/><BR/>You are a valuable part of this forum. We need guys like you. <BR/><BR/>You remind me of one of my co-workers back in 11/99. Back in '97, he couldn't spell STOCK, but by '99 he was just full of stock bull. <BR/><BR/>We worked together one night, and he just went on and on about how bears don't get the new paradigm of the 'NEW ECONOMY.' He was making $80K/mo by playing puts and calls, on the really sexy tech stocks. Given that I also do the put/call thingy, I tried to get him to hedge a wee bit against a violent rollback. Nothin' doin'. He had a "system."<BR/><BR/>I went to another employer in January of '00, so I lost track of him. If he didn't change his "system," he would have lost, at least, $500K in 4/00 alone, to say nothing of what he lost trying to make it up during the rest of the NAZ implosion.<BR/><BR/>Don't stay too late at the party, 'shug, and please keep telling us just how dumb we all are. When people tell you how smart you are, that is when it is time to be afraid - very afraid.Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152167248272995142006-07-05T23:27:00.000-07:002006-07-05T23:27:00.000-07:00Can you post a link to this article?Did you see th...Can you post a link to this article?<BR/><BR/>Did you see the Seattle Times article on suicide loans and the havoc they'll cause last Sunday?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152167165491003602006-07-05T23:26:00.000-07:002006-07-05T23:26:00.000-07:00Point is who knows where the market will be in 6 m...<I>Point is who knows where the market will be in 6 mos, 12 mos, whenever. I rather play and lose than sit on the sideline contemplating what may be, could be, will be, never be.</I><BR/><BR/>So true....you can find articles calling for a housing crash all the way back to 2002. But look what's happened since then?<BR/><BR/>I admire those of you who are waiting it out...I don't think you're right, but I do admire the dedication and perseverance. Unfortunately, the market in Seattle is nowhere near a crash right now. The first 6 months of this year have been the second best year on record (2005 was the best). All waiting has done so far is make the dream of buying an ever more remote possibility. Prices continue to climb as well an interest rates. You get less for your $ every month....meshugyhttps://www.blogger.com/profile/12332798876700147445noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152166652956284912006-07-05T23:17:00.000-07:002006-07-05T23:17:00.000-07:00Realistic Realtor-At 335K, it must be paid off so ...Realistic Realtor-<BR/><BR/>At 335K, it must be paid off so wow why would you ever want to sell that place?<BR/><BR/>Green Lake's a great place to live for 335K.<BR/><BR/>However, it sounds from your post that you may be implying that your sacrifice in buying a 335K, 5 Bedroom, 3000 sf home on Green Lake is comparable to the sacrifices of somebody buying a 475 sf condo in Ballard for 200K.<BR/><BR/> You don't really believe the 2 examples are comparable, do you?<BR/><BR/>Where to start?<BR/><BR/>Let's say that 10 years ago, you fell on some financial hard times and needed a money boost. With 5 bedrooms and 3000sf, you could rent out a couple rooms at a cool 1000/month. <BR/><BR/>Who's the girl in the article going to rent to? I guess she could sleep on the couch and rent the bedroom out, if there is one.<BR/><BR/>Do you honestly believe that buying in '96, which was when the current run up started, and therefore at the bottom of the cycle, is comparable to buying now, 10 years into it? And what many see as the top of the current cycle?<BR/><BR/>You have 500K unrealized profit which you yourself were thinking of cashing in on because, presumably, you sense we may be at the top. In fact I think you said you were thinking that you might get another 30 K if you held out one more year.<BR/><BR/> That's not much appreciation on 850K in a year. What is that? 3% ? And it's a BIG house on GREEN LAKE!<BR/><BR/>So how much appreciation is this woman in Ballard going to see on her 475 s f condo?<BR/><BR/>And I'm sure you've noticed, condos are becoming a dime a dozen in Seattle. Not exactly prime real estate!<BR/><BR/>As a realtor, I'm sure you know that some things will always retain value better and longer than others.<BR/><BR/>A large home on Green Lake bought in '96 is NO comparison to a studio sized condo, (even in Ballard!) bought in 2006.<BR/><BR/>Sorry for the rant if you were not trying to compare the two.<BR/><BR/>Totally apples to oranges.<BR/><BR/>Some RE purchases really ARE better than others. It pays (big!) to know the difference.<BR/><BR/>Your sacrifice of vacations, ipods, etc. were worth it. If nothing else, even if the market tanks to the center of the earth, you've got a great place to live.<BR/><BR/>The same cannot be said for this woman in Ballard. If the market tanks, she's stuck in what is basically a studio apt. and paying through the nose for the priveledge.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152165061619205372006-07-05T22:51:00.000-07:002006-07-05T22:51:00.000-07:00Anon 10:27-Have you noticed that the closer we get...Anon 10:27-<BR/><BR/>Have you noticed that the closer we get to outright implosion, the quieter the trolls get?<BR/><BR/>They've been getting quieter the past few weeks.<BR/><BR/>Hard to deny something's up with interest rates rising as fast as inventory and price reductions.<BR/><BR/>And even the mainstream media's getting in on it.<BR/><BR/>Did you see the Seattle Times article on suicide loans and the havoc they'll cause last Sunday? <BR/><BR/>It said they were prevalent in markets that had appreciated X amount. Then buried deep in the article it said SEATTLE had appreciated X amount.<BR/><BR/>Pretty funny. I'm thinking some of the roll back in trolls is due to RE related job loss and people who suddenly realize they are FB's.<BR/><BR/>Why keep touting the party if you are no longer a participant? And wouldn't/aren't these the people who would have been interested and had the most to gain by being bubble blog trolls in the first place?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152164967034580812006-07-05T22:49:00.000-07:002006-07-05T22:49:00.000-07:00"Wonder if Realistic Realtor has put her house up ...<I>"Wonder if Realistic Realtor has put her house up for sale?"</I><BR/><BR/>Not yet. I'm going to hold on to it a little longer.<BR/><BR/>I'll say this, real estate can be volatile in the short-term, but is relative stable over the long-term. In the 2.5 yrs I've owned my home it increased nearly 6-digits based on current market values. To me, that was worth cutting down on eating out and vacations, not having an Ipod. I rearranged priorities, not sacrificed my standard of living.<BR/><BR/>Ten years ago I had the opportunity to buy a house 1/2 block from Green Lake (3,000 sf 5bd, 2.75 ba) for $335,000. Back then, that was an outrageous price. Today, that home is worth over $850,000. <BR/><BR/>Point is who knows where the market will be in 6 mos, 12 mos, whenever. I rather play and lose than sit on the sideline contemplating what may be, could be, will be, never be.<BR/><BR/>BTW, he not she.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152163672406080952006-07-05T22:27:00.000-07:002006-07-05T22:27:00.000-07:00Do I want to buy a home once the fundamentals retu...Do I want to buy a home once the fundamentals return? Yes. <BR/><BR/>Do I want to buy a home <I>in Seattle</I> once the fundamentals return? No. Some people like it here. I'm not one of them. <BR/><BR/>Nevertheless, I do want to hurt myself every time I hear some 22-year-old nitwit raving about the money they made on their real estate "investment." That's why I read this blog.<BR/><BR/>You can say that I'm bitter that I missed out on the boom, but I know better. After all, I've already watched the internet bubble form and implode. And while I lost a little bit of money in that mess, I watched a hell of a lot of smug 20-somethings go bankrupt in the aftermath (and you can bet that they were online, bragging about their investments, too.)<BR/><BR/>I read this blog because I know that I'm right about the real estate market, and I'm right about the historical trends, and I like to comisserate with people who think the same way I do.<BR/><BR/>That said, for the life of me, I <I>can't</I> figure out why people are so invested in changing my opinion. What's the matter, guys...getting a bit nervous?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152161696178414412006-07-05T21:54:00.000-07:002006-07-05T21:54:00.000-07:00Anon 9:48-I think 99.99999% of the renters on this...Anon 9:48-<BR/><BR/>I think 99.99999% of the renters on this blog are here because they do indeed want to buy very badly once the fundamentals appear once again.<BR/><BR/>For sure, I'm one of those 99.9999%.<BR/><BR/>Why would anyone who had no desire to buy give a hoot about a housing bubble? Especially with renting so much cheaper?!<BR/><BR/>In fact, I'm going to correct that percentage and say 100% of the people coming here want to buy once it makes sense to do so.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152161382409523462006-07-05T21:49:00.000-07:002006-07-05T21:49:00.000-07:00Marin Bubble Blog and Northern New Jersey Bubble B...Marin Bubble Blog and Northern New Jersey Bubble Blog for July 5 both have links to the Wall Street Journal article.<BR/><BR/>Lake Hills Renter, are you out there? Hope this article will make you feel better about your decision not to buy!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152161290688863882006-07-05T21:48:00.000-07:002006-07-05T21:48:00.000-07:00I always find it interesting when people quote how...I always find it interesting when people quote how much they "made" in the housing market when they took the proceeds and put them right back in. That sounds more like a balance transfer to me rather than a "profit". Only time will tell if that "profit" is real or evaporates. Really, as we are all trained, there is no downside or risk involved with RE. People constantly take long-term realities of the housing market and turn them into short-term myths. I think most people posting on this blog probably would jump into a rational market where prices were set based on realistic expectations and an understanding of expenses, liabilities, risks, and rewards.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1152160712958626602006-07-05T21:38:00.000-07:002006-07-05T21:38:00.000-07:00Anon 9:24-It simply is not worth it to buy into a ...Anon 9:24-<BR/><BR/>It simply is not worth it to buy into a market that is crashing- do you get that?<BR/><BR/>Furthermore, who knows how long the "bottom" will last?<BR/><BR/>It could be a long one.<BR/><BR/>So telling people to make sacrifices to buy a home is not appropriate at this time.<BR/><BR/>Next year, maybe.<BR/><BR/>Also, it can be a VERY good thing to pay off your mortgage.<BR/><BR/>I paid mine off, had a little rental at the same home ,and from there on in it was a cash cow. REAL money coming to MY POCKET every month.<BR/><BR/>The mortgage tax deduction is highly over-rated.<BR/><BR/>Here's another thought, the time to make the sacrifice is BEFORE you buy, saving for the DP, etc., not after.Anonymousnoreply@blogger.com