The German and I dream of one day buying a summer home in my home state of South Carolina. We would love to be able to spend 6 to 8 weeks a year relaxing in the sun, eating seafood and walking on the beach. When you are in your early 30's dreams like this are most definitely out of reach, but I am beginning to see a glimmer of hope.
Three years ago, the German and I saw the housing bubble bursting in Michigan. The development where my dad and Mom-squared bought a house stagnated. Nothing new was built. Houses stand empty and brand new (beautiful!) homes are losing value. As we drove around the mid-west, we saw this everywhere!
Now, bundling seems to be the least of our worries. Turns out that there are even more fishy loans out there. In the report below, the reporter projects that 8 million Americans may loose their homes in the next 4 years. Part of me feels sick about the thought of all those people on the street. But part of me is also salivating at the investment opportunities. Both of us have stable sources of income. The German is in no danger of loosing his job, and the demand for English teachers seem to be going up.
Is it so wrong for me to think that the opportunity to buy a second home is not too far fetched? It is wrong to want to get something while the getting is good? Don't worry. The German and I are not foolish people. In fact, the German is EXTREMELY cautious when it comes to money. I think he would only let me buy a home in the U.S. if we could put 50% down. Time to start saving my milk money.