During the course of just one day, I got a one-two punch with respect to our primary residence. First, I got our annual interest rate update from the bank, and our rate is, unsurprisingly, vaulting from 2.5% to 4.5%. On the heels of that, like a bond getting zapped by changing rates, our home value has plunged by nearly $3,000,000.
Just like I wasn’t feeling it on the way up, I’m not feeling it on the way down. I honestly don’t care. Regarding the the interest rate, we owe so little on the property, it hardly matters. As for the principal loss, I think not of myself but instead the poor son-of-a-bitch who actually bought at the peak and not only is underwater but also has the joy of property taxes being anchored to his purchase price. There’s got to be more than a few of those fellows out there at this very moment.
