We’re Underwater! Yay!

Well, not really.   Our mortgage is… as the house has lost a quarter of its value last year, and a few years of mortgage payments have effectively turned into rent payments.

This happens again next year, we really WILL be underwater.

So why am I happy?  Well, it’s this little thing call “sunk costs” and “property taxes.”  What’s paid is already out the door — no getting that money back again.  But lower home value (and it’s down by a third over the last two years) means in the future, that we’ll be paying that much less out each month in property tax escrow… meaning we actually pay down the house faster with the same monthly payment we’ve been making.

So… celebration time!  All I gotta hope for is that the politicos continue to screw things up, and the house will be paid off in three or four years!

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