Somewhat Shorter Megan McArdle: Although the government tax credits are keeping some of the housing bubble afloat, DC houses are in high demand temporarily until the credit expires, and bad loan standards have not gone away and will lead to further mortgage losses and lower house prices in the future, I am desperately bidding above market to get a house before I marry in six weeks.
Because part of the Fantasy Wedding is coming home to your sweet little house, not waiting until the market goes lower, and your husband finds a job, and if you wish hard enough, the market really will hit bottom when you want it to.
The only status item McArdle hasn't yet tried to acquire is a baby, and no doubt that is next. We wish McArdle nothing but luck in that endeavor, and most especially hope that McArdle will refrain from sharing with us her personal experiences during that journey.
Also.
Pish tosh!
ReplyDeleteAs if Megan will stay in the city 3 minutes after bringing forth little Damien.
Or spare us a recap of one single symptom.
A little over a month ago, she was talking about how inexpensive DC R.E. is (4BR house for the price of a 1-BR UWS apartment!).
ReplyDeleteWhat is left out of the artificially high demand argument is that DC is the only city in the US that is actually at or near full employment.
Combine that with the subsidy (which will cost buyers more than twice that much going forward in interest costs, under the best-case scenario, but that's another issue) and the need to find a house NOW seems absurd on the face of it. (Especially when, like Ms. McArdle, you have special needs--a reasonably high ceiling in any basement or attic area.)
Or spare us a recap of one single symptom.
ReplyDeleteIt could be amusing watching her explain how swollen ankles, say, or extreme fatigue are the government's fault.
If McArdle and Suderman have a kid, I would suggest Jasmine (girl) or Earl Grey (boy) as suitable names.
ReplyDelete