Rearranging Our Lives Around The Bubble
If the number of stories like this one are any indication, we may be near critical mass. "Last month, the two medical-product salespeople became the somewhat-proud owners of an aging Mililani house that represented other compromises as well."
"From an early budget in the $400,000 range, they ended up paying $535,000 for the partial fixer-upper, a four-bedroom with a tidy interior but that lacks a toilet in the main bathroom, badly needs a paint job outside and is dotted with other repair needs."
"'In this market you have to be open-minded,' said Nina, who expects a 'struggle' and some lifestyle changes to make the mortgage payments."
"Alyson Borgerding and her fiance, George Helwagen, bought a Kailua house for $998,000. But despite using significant equity from a previous mainland home, they still had to cash in their Individual Retirement Accounts and cancel plans for a large wedding in March as they deal with a monthly mortgage payment in excess of $5,000. They plan to elope."
"This market is so tight and hot that when you get something you want and can afford, you have to rearrange everything around that," she said.
"We were talking about this in the late '80s, early '90s, and then the problem went away. It reversed itself."