“I think we should buy a house in Chicago,” said my intelligent i-banker husband. “It would be a good business investment.”
I just gave him ‘the look.’ The context of this discussion was: My elder sister has bought a villa, I call it a villa and you will hear soon why, in Chicago. The house (er, villa) has 4 bedrooms, a garage for 2 cars, a sprawling garden (with a serene view), a backyard area with an open swimming pool (for the kids, you know said my dear sister over an extended telephone international call), a driveway (a phenomenon which is unheard of in my town of Mumbai) and yes, all this at a price tag of $325,000.
“You know, going by the lower interest rates that your sister is paying in the US, even we can buy an apartment in the US,” argued my husband. I continued giving him ‘the look‘ while getting on with my Sunday house cleaning.
Mind you, I wasn’t jealous that my sister had bought a house (she’s a great home-maker with 2 lovely kids) and that my bro-in-law already has a spacious dwelling in India, but the audacity of my i-banker hubby who went on analysing the deal and breaking the nuances of its affordability to me.
“You know the real estate market in the US has crashed and I am sure that your bro-in-law [yes, my bro-in-law is just referred as if he is only my relation and Mr i-banker has nothing to do with him] has bagged a good deal on the estate and the bank’s EMI,” he said with flatulent confidence.
He cited this number for my understanding. A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure. Nine states had foreclosure start rates above the national average: California, Nevada, Florida, Arizona, Michigan, Rhode Island, Illinois, Indiana and Ohio.
He then decided…on his own, that we were best benefited to buy a house in Florida, which stands to recover smartly in 2-4 years. “You see, it would be a investment that will be best justified,” he asserted. I nodded and went on with the cleaning.
PS: We haven’t bought any house since then. Not even a measly studio-apartment in good old Mumbai