The housing market is a mess! No one can get loans! Prices are falling like a rock! I’m making out like a bandit! Wait, what? Well, you see, when I say I’m making out like a bandit, I have to admit that it’s due in part by a gamble we took with the mortgage we used to buy the condo we’re now trying to pay off as quickly as possible. I used to fear reading headlines like “Housing Crisis, Market Set to Collapse” and “Mortgage Meltdown leaves cities in Peril” and “Godzilla Eats Mothra, Shits Remains all over New York”. Now that the mortgage bailout has gone through, and the fed keeps cutting rates, my APR continues to drop like a rock, and according to some financial experts out there (ref: MSN), they’re not done yet. Which means MY interest only payments continue to plummet as mortgage rates fall. Since our loan won’t readjust for well into the future, long after we’re scheduled to make our final payment, we continue to save a ton of money. It’s not the best situation, but it certainly is the best scenario for the situation we’re in. Re-finance? Hell no! I don’t think anyone who’s currently in an APR that isn’t set to adjust until 2010 should even be thinking about it for 2009, unless they’re getting pre-approved, to pounce as soon as this trend turns around.

There is huge oppertunity for those people who’re willing to look for it.