[partypup]

“How does one go about buying metals? I’ve traded the GLD ETF occassionally, but I’ve never tried to buy any gold coins or anything. Is there some place you can go to actually buy a bar of gold at face value?”

I buy most of my metals through my broker, but he charges a 1-1/2% commission. Unless you’re buying large quantities, I wouldn’t advise this route. Kitco and apmex.com are very reliable, but know that there are now lengthy days in delivery — so I would place an order sooner rather than later.

“I read the other day that people who had given their gold coins to some type of organization for storage were having trouble retrieving them. The speculation was that the gold coins had been loaned out or something or over several times over and the original owners were having trouble getting them back.”

Morgan Stanley is currently embroiled in a class action over this very issue. I stored metals with them and am part of the litigation. As it turns out (and this should hardly be a surprise for anyone who has been following the banking/credit crisis), MS was leveraging metals and *selling* more than it physically held. It’s not practical to store large quantities (thousands of ounces) of silver in your home (storage is kind of necessary), but gold is extremely easy to keep in a home safe.

Stay away from ETFs! I think the entire paper-debt-derivative nonsense is going to go up in smoke. If you can’t hold it in your hands, it will be meaningless.

“By the way, what do you think will emerge as a global currency? The Euro? Gold? I don’t think Europe is in much better shape than we are and I can’t imagine that anyone would trust the Russian Ruble or the Chinese Yuan more than the dollar.”

I think the entire global financial system is now in grave peril. The U.S. has infected the entire world. We are the financial equivalent of Patient Zero. I used to hold a large quantity of Euros but have now greatly reduced my exposure. The Chinese have been advocating recently for a gold-backed *global* currency. I highly doubt that the world’s next reserve currency (assuming the world hitches its wagon to another reserve currency) will be fiat. And for some period of time, gold, itself, may be the reserve currency. Because no one really trusts anyone anymore.

“It is scary to think about how quickly grocery stores can run out of stuff. Supposedly they only stock about five days’ worth of goods.”

Every time we see the havoc wrought by a hurricane, I think the same thing. People seem to take for granted that goods will always be available and that the worst will never happen. But Katrina and Ike are living proof that the balance can tip in an instance. Last week, thousands of people were literally stranded on the highways in Texas in their attempts to flee. People were fighting over limited supplies of gas at the pumps.

I have read repeatedly that the U.S. has only a two (2) day supply of food on shelves. When the trucks stop running, it’s going to get hairy.

[partypup]

“How does one go about buying metals? I’ve traded the GLD ETF occassionally, but I’ve never tried to buy any gold coins or anything. Is there some place you can go to actually buy a bar of gold at face value?”

I buy most of my metals through my broker, but he charges a 1-1/2% commission. Unless you’re buying large quantities, I wouldn’t advise this route. Kitco and apmex.com are very reliable, but know that there are now lengthy days in delivery — so I would place an order sooner rather than later.

“I read the other day that people who had given their gold coins to some type of organization for storage were having trouble retrieving them. The speculation was that the gold coins had been loaned out or something or over several times over and the original owners were having trouble getting them back.”

Morgan Stanley is currently embroiled in a class action over this very issue. I stored metals with them and am part of the litigation. As it turns out (and this should hardly be a surprise for anyone who has been following the banking/credit crisis), MS was leveraging metals and *selling* more than it physically held. It’s not practical to store large quantities (thousands of ounces) of silver in your home (storage is kind of necessary), but gold is extremely easy to keep in a home safe.

Stay away from ETFs! I think the entire paper-debt-derivative nonsense is going to go up in smoke. If you can’t hold it in your hands, it will be meaningless.

“By the way, what do you think will emerge as a global currency? The Euro? Gold? I don’t think Europe is in much better shape than we are and I can’t imagine that anyone would trust the Russian Ruble or the Chinese Yuan more than the dollar.”

I think the entire global financial system is now in grave peril. The U.S. has infected the entire world. We are the financial equivalent of Patient Zero. I used to hold a large quantity of Euros but have now greatly reduced my exposure. The Chinese have been advocating recently for a gold-backed *global* currency. I highly doubt that the world’s next reserve currency (assuming the world hitches its wagon to another reserve currency) will be fiat. And for some period of time, gold, itself, may be the reserve currency. Because no one really trusts anyone anymore.

“It is scary to think about how quickly grocery stores can run out of stuff. Supposedly they only stock about five days’ worth of goods.”

Every time we see the havoc wrought by a hurricane, I think the same thing. People seem to take for granted that goods will always be available and that the worst will never happen. But Katrina and Ike are living proof that the balance can tip in an instance. Last week, thousands of people were literally stranded on the highways in Texas in their attempts to flee. People were fighting over limited supplies of gas at the pumps.

I have read repeatedly that the U.S. has only a two (2) day supply of food on shelves. When the trucks stop running, it’s going to get hairy.

[partypup]

“How does one go about buying metals? I’ve traded the GLD ETF occassionally, but I’ve never tried to buy any gold coins or anything. Is there some place you can go to actually buy a bar of gold at face value?”

I buy most of my metals through my broker, but he charges a 1-1/2% commission. Unless you’re buying large quantities, I wouldn’t advise this route. Kitco and apmex.com are very reliable, but know that there are now lengthy days in delivery — so I would place an order sooner rather than later.

“I read the other day that people who had given their gold coins to some type of organization for storage were having trouble retrieving them. The speculation was that the gold coins had been loaned out or something or over several times over and the original owners were having trouble getting them back.”

Morgan Stanley is currently embroiled in a class action over this very issue. I stored metals with them and am part of the litigation. As it turns out (and this should hardly be a surprise for anyone who has been following the banking/credit crisis), MS was leveraging metals and *selling* more than it physically held. It’s not practical to store large quantities (thousands of ounces) of silver in your home (storage is kind of necessary), but gold is extremely easy to keep in a home safe.

Stay away from ETFs! I think the entire paper-debt-derivative nonsense is going to go up in smoke. If you can’t hold it in your hands, it will be meaningless.

“By the way, what do you think will emerge as a global currency? The Euro? Gold? I don’t think Europe is in much better shape than we are and I can’t imagine that anyone would trust the Russian Ruble or the Chinese Yuan more than the dollar.”

I think the entire global financial system is now in grave peril. The U.S. has infected the entire world. We are the financial equivalent of Patient Zero. I used to hold a large quantity of Euros but have now greatly reduced my exposure. The Chinese have been advocating recently for a gold-backed *global* currency. I highly doubt that the world’s next reserve currency (assuming the world hitches its wagon to another reserve currency) will be fiat. And for some period of time, gold, itself, may be the reserve currency. Because no one really trusts anyone anymore.

“It is scary to think about how quickly grocery stores can run out of stuff. Supposedly they only stock about five days’ worth of goods.”

Every time we see the havoc wrought by a hurricane, I think the same thing. People seem to take for granted that goods will always be available and that the worst will never happen. But Katrina and Ike are living proof that the balance can tip in an instance. Last week, thousands of people were literally stranded on the highways in Texas in their attempts to flee. People were fighting over limited supplies of gas at the pumps.

I have read repeatedly that the U.S. has only a two (2) day supply of food on shelves. When the trucks stop running, it’s going to get hairy.

[partypup]

“How does one go about buying metals? I’ve traded the GLD ETF occassionally, but I’ve never tried to buy any gold coins or anything. Is there some place you can go to actually buy a bar of gold at face value?”

I buy most of my metals through my broker, but he charges a 1-1/2% commission. Unless you’re buying large quantities, I wouldn’t advise this route. Kitco and apmex.com are very reliable, but know that there are now lengthy days in delivery — so I would place an order sooner rather than later.

“I read the other day that people who had given their gold coins to some type of organization for storage were having trouble retrieving them. The speculation was that the gold coins had been loaned out or something or over several times over and the original owners were having trouble getting them back.”

Morgan Stanley is currently embroiled in a class action over this very issue. I stored metals with them and am part of the litigation. As it turns out (and this should hardly be a surprise for anyone who has been following the banking/credit crisis), MS was leveraging metals and *selling* more than it physically held. It’s not practical to store large quantities (thousands of ounces) of silver in your home (storage is kind of necessary), but gold is extremely easy to keep in a home safe.

Stay away from ETFs! I think the entire paper-debt-derivative nonsense is going to go up in smoke. If you can’t hold it in your hands, it will be meaningless.

“By the way, what do you think will emerge as a global currency? The Euro? Gold? I don’t think Europe is in much better shape than we are and I can’t imagine that anyone would trust the Russian Ruble or the Chinese Yuan more than the dollar.”

I think the entire global financial system is now in grave peril. The U.S. has infected the entire world. We are the financial equivalent of Patient Zero. I used to hold a large quantity of Euros but have now greatly reduced my exposure. The Chinese have been advocating recently for a gold-backed *global* currency. I highly doubt that the world’s next reserve currency (assuming the world hitches its wagon to another reserve currency) will be fiat. And for some period of time, gold, itself, may be the reserve currency. Because no one really trusts anyone anymore.

“It is scary to think about how quickly grocery stores can run out of stuff. Supposedly they only stock about five days’ worth of goods.”

Every time we see the havoc wrought by a hurricane, I think the same thing. People seem to take for granted that goods will always be available and that the worst will never happen. But Katrina and Ike are living proof that the balance can tip in an instance. Last week, thousands of people were literally stranded on the highways in Texas in their attempts to flee. People were fighting over limited supplies of gas at the pumps.

I have read repeatedly that the U.S. has only a two (2) day supply of food on shelves. When the trucks stop running, it’s going to get hairy.

[partypup]

“How does one go about buying metals? I’ve traded the GLD ETF occassionally, but I’ve never tried to buy any gold coins or anything. Is there some place you can go to actually buy a bar of gold at face value?”

I buy most of my metals through my broker, but he charges a 1-1/2% commission. Unless you’re buying large quantities, I wouldn’t advise this route. Kitco and apmex.com are very reliable, but know that there are now lengthy days in delivery — so I would place an order sooner rather than later.

“I read the other day that people who had given their gold coins to some type of organization for storage were having trouble retrieving them. The speculation was that the gold coins had been loaned out or something or over several times over and the original owners were having trouble getting them back.”

Morgan Stanley is currently embroiled in a class action over this very issue. I stored metals with them and am part of the litigation. As it turns out (and this should hardly be a surprise for anyone who has been following the banking/credit crisis), MS was leveraging metals and *selling* more than it physically held. It’s not practical to store large quantities (thousands of ounces) of silver in your home (storage is kind of necessary), but gold is extremely easy to keep in a home safe.

Stay away from ETFs! I think the entire paper-debt-derivative nonsense is going to go up in smoke. If you can’t hold it in your hands, it will be meaningless.

“By the way, what do you think will emerge as a global currency? The Euro? Gold? I don’t think Europe is in much better shape than we are and I can’t imagine that anyone would trust the Russian Ruble or the Chinese Yuan more than the dollar.”

I think the entire global financial system is now in grave peril. The U.S. has infected the entire world. We are the financial equivalent of Patient Zero. I used to hold a large quantity of Euros but have now greatly reduced my exposure. The Chinese have been advocating recently for a gold-backed *global* currency. I highly doubt that the world’s next reserve currency (assuming the world hitches its wagon to another reserve currency) will be fiat. And for some period of time, gold, itself, may be the reserve currency. Because no one really trusts anyone anymore.

“It is scary to think about how quickly grocery stores can run out of stuff. Supposedly they only stock about five days’ worth of goods.”

Every time we see the havoc wrought by a hurricane, I think the same thing. People seem to take for granted that goods will always be available and that the worst will never happen. But Katrina and Ike are living proof that the balance can tip in an instance. Last week, thousands of people were literally stranded on the highways in Texas in their attempts to flee. People were fighting over limited supplies of gas at the pumps.

I have read repeatedly that the U.S. has only a two (2) day supply of food on shelves. When the trucks stop running, it’s going to get hairy.

[partypup]

“I agree, partypup. I am also surprised to see people buying in 2008, but I keep finding bank owned properties. I saw one a couple of days ago that was bought about 6 weeks ago. Huh? Some people go through life blithely unaware and wonder why they are victims. Others perhaps know too much and that also has its downside. I prefer to stay informed. I am not trying to time the bottom, but even the blind squirrel can see that it is still not here and may not be here for several years.”

Amen to that! One of the biggest reasons that I don’t want to buy now is I’m not entirely certain where I want to put down roots, and I suspect that the next purchase I make will be one of my last. If what I think is going to happen actually comes to pass, I don’t think there will be nearly as much mobility in real estate transactions and credit for many years. And people truly underestimate the social fallout from a serious stock/credit crash/bank run. I don’t think social unrest is out of the question at all, especially in L.A.

Had a very interesting experience in my office today following the quake. Our elevators were shut down, and an hour later we lost power in the entire building. People immediately started milling through the corridors, chatty, excited, but clearly disoriented because their *normal* routine had been abruptly disrupted. During the course of the blackout, I learned that only a handful of my colleagues have anything remotely resembling emergency supplies, either in their car or at home. Their earthquake preparedness in NIL. We are talking a day or two of food, max.

Now ask yourself: what would happen if our financial system suffered a sudden shock or seizure such that people were not able to find food, get electricity or carry on with their *normal* routine for an extended period of time? The possibilities are chilling. And I’m pretty sure that L.A. is the last place I’d want to be tied. Renting suits me now because I am mobile and nimble, and I can leave in a pinch or do whatever I have to if circumstances arise.

Sorry to be the party-pooper, but I’m just calling it as I see it. I hope to God I’m wrong. But I suspect we’ll know soon.

[partypup]

“I agree, partypup. I am also surprised to see people buying in 2008, but I keep finding bank owned properties. I saw one a couple of days ago that was bought about 6 weeks ago. Huh? Some people go through life blithely unaware and wonder why they are victims. Others perhaps know too much and that also has its downside. I prefer to stay informed. I am not trying to time the bottom, but even the blind squirrel can see that it is still not here and may not be here for several years.”

Amen to that! One of the biggest reasons that I don’t want to buy now is I’m not entirely certain where I want to put down roots, and I suspect that the next purchase I make will be one of my last. If what I think is going to happen actually comes to pass, I don’t think there will be nearly as much mobility in real estate transactions and credit for many years. And people truly underestimate the social fallout from a serious stock/credit crash/bank run. I don’t think social unrest is out of the question at all, especially in L.A.

Had a very interesting experience in my office today following the quake. Our elevators were shut down, and an hour later we lost power in the entire building. People immediately started milling through the corridors, chatty, excited, but clearly disoriented because their *normal* routine had been abruptly disrupted. During the course of the blackout, I learned that only a handful of my colleagues have anything remotely resembling emergency supplies, either in their car or at home. Their earthquake preparedness in NIL. We are talking a day or two of food, max.

Now ask yourself: what would happen if our financial system suffered a sudden shock or seizure such that people were not able to find food, get electricity or carry on with their *normal* routine for an extended period of time? The possibilities are chilling. And I’m pretty sure that L.A. is the last place I’d want to be tied. Renting suits me now because I am mobile and nimble, and I can leave in a pinch or do whatever I have to if circumstances arise.

Sorry to be the party-pooper, but I’m just calling it as I see it. I hope to God I’m wrong. But I suspect we’ll know soon.

[partypup]

“I agree, partypup. I am also surprised to see people buying in 2008, but I keep finding bank owned properties. I saw one a couple of days ago that was bought about 6 weeks ago. Huh? Some people go through life blithely unaware and wonder why they are victims. Others perhaps know too much and that also has its downside. I prefer to stay informed. I am not trying to time the bottom, but even the blind squirrel can see that it is still not here and may not be here for several years.”

Amen to that! One of the biggest reasons that I don’t want to buy now is I’m not entirely certain where I want to put down roots, and I suspect that the next purchase I make will be one of my last. If what I think is going to happen actually comes to pass, I don’t think there will be nearly as much mobility in real estate transactions and credit for many years. And people truly underestimate the social fallout from a serious stock/credit crash/bank run. I don’t think social unrest is out of the question at all, especially in L.A.

Had a very interesting experience in my office today following the quake. Our elevators were shut down, and an hour later we lost power in the entire building. People immediately started milling through the corridors, chatty, excited, but clearly disoriented because their *normal* routine had been abruptly disrupted. During the course of the blackout, I learned that only a handful of my colleagues have anything remotely resembling emergency supplies, either in their car or at home. Their earthquake preparedness in NIL. We are talking a day or two of food, max.

Now ask yourself: what would happen if our financial system suffered a sudden shock or seizure such that people were not able to find food, get electricity or carry on with their *normal* routine for an extended period of time? The possibilities are chilling. And I’m pretty sure that L.A. is the last place I’d want to be tied. Renting suits me now because I am mobile and nimble, and I can leave in a pinch or do whatever I have to if circumstances arise.

Sorry to be the party-pooper, but I’m just calling it as I see it. I hope to God I’m wrong. But I suspect we’ll know soon.

[partypup]

“I agree, partypup. I am also surprised to see people buying in 2008, but I keep finding bank owned properties. I saw one a couple of days ago that was bought about 6 weeks ago. Huh? Some people go through life blithely unaware and wonder why they are victims. Others perhaps know too much and that also has its downside. I prefer to stay informed. I am not trying to time the bottom, but even the blind squirrel can see that it is still not here and may not be here for several years.”

Amen to that! One of the biggest reasons that I don’t want to buy now is I’m not entirely certain where I want to put down roots, and I suspect that the next purchase I make will be one of my last. If what I think is going to happen actually comes to pass, I don’t think there will be nearly as much mobility in real estate transactions and credit for many years. And people truly underestimate the social fallout from a serious stock/credit crash/bank run. I don’t think social unrest is out of the question at all, especially in L.A.

Had a very interesting experience in my office today following the quake. Our elevators were shut down, and an hour later we lost power in the entire building. People immediately started milling through the corridors, chatty, excited, but clearly disoriented because their *normal* routine had been abruptly disrupted. During the course of the blackout, I learned that only a handful of my colleagues have anything remotely resembling emergency supplies, either in their car or at home. Their earthquake preparedness in NIL. We are talking a day or two of food, max.

Now ask yourself: what would happen if our financial system suffered a sudden shock or seizure such that people were not able to find food, get electricity or carry on with their *normal* routine for an extended period of time? The possibilities are chilling. And I’m pretty sure that L.A. is the last place I’d want to be tied. Renting suits me now because I am mobile and nimble, and I can leave in a pinch or do whatever I have to if circumstances arise.

Sorry to be the party-pooper, but I’m just calling it as I see it. I hope to God I’m wrong. But I suspect we’ll know soon.

[partypup]

“I agree, partypup. I am also surprised to see people buying in 2008, but I keep finding bank owned properties. I saw one a couple of days ago that was bought about 6 weeks ago. Huh? Some people go through life blithely unaware and wonder why they are victims. Others perhaps know too much and that also has its downside. I prefer to stay informed. I am not trying to time the bottom, but even the blind squirrel can see that it is still not here and may not be here for several years.”

Amen to that! One of the biggest reasons that I don’t want to buy now is I’m not entirely certain where I want to put down roots, and I suspect that the next purchase I make will be one of my last. If what I think is going to happen actually comes to pass, I don’t think there will be nearly as much mobility in real estate transactions and credit for many years. And people truly underestimate the social fallout from a serious stock/credit crash/bank run. I don’t think social unrest is out of the question at all, especially in L.A.

Had a very interesting experience in my office today following the quake. Our elevators were shut down, and an hour later we lost power in the entire building. People immediately started milling through the corridors, chatty, excited, but clearly disoriented because their *normal* routine had been abruptly disrupted. During the course of the blackout, I learned that only a handful of my colleagues have anything remotely resembling emergency supplies, either in their car or at home. Their earthquake preparedness in NIL. We are talking a day or two of food, max.

Now ask yourself: what would happen if our financial system suffered a sudden shock or seizure such that people were not able to find food, get electricity or carry on with their *normal* routine for an extended period of time? The possibilities are chilling. And I’m pretty sure that L.A. is the last place I’d want to be tied. Renting suits me now because I am mobile and nimble, and I can leave in a pinch or do whatever I have to if circumstances arise.

Sorry to be the party-pooper, but I’m just calling it as I see it. I hope to God I’m wrong. But I suspect we’ll know soon.

[partypup]

“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”

FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!

But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?

My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.

Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.

This is going to be a VERY interesting Fall.

[partypup]

“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”

FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!

But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?

My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.

Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.

This is going to be a VERY interesting Fall.

[partypup]

“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”

FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!

But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?

My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.

Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.

This is going to be a VERY interesting Fall.

[partypup]

“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”

FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!

But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?

My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.

Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.

This is going to be a VERY interesting Fall.

[partypup]

“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”

FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!

But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?

My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.

Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.

This is going to be a VERY interesting Fall.

[Author]

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