I bet you’re all wondering what we’re still doing in this tiny apartment and when we’re going to be tired of it.

Done. Tired of it.

Here’s the latest update in our house-hunting adventure.

As of June 14 when we moved into our current place we had about enough for a decent downpayment (about 10%) in savings for the house.

My grand plan was to spend the next 6-9months furiously saving $$ so we had another several thousand.

Using the base as a down payment and also having enough saved for closing costs and some furniture purchases for the new house (we NEEDed a bed).

But, alas.

Within a month of moving we put $1100 into my car and another $1100 into Andrew’s teeth (we did get reimbursed from my work for some but not all of the dental work). Plus Italy. Plus investing in my business. Plus my employer did not give the mid-year or year-end bonus like they usually do.

So much for my grand plan.

BUT – then in October Andrew got a substantial raise. Finally able to buy a bed like grown-ups.

And we were able to save more money.

Part of my grand plan to buy a house in the spring of 2010 was falling into place …. but only part of it.

The other part was the housing market itself.

If you are so inclined, take a look at these articles and websites about the current housing market. All VERY interesting.

• Reuters : Mortgage modification fail
• Shadow Stats (about the shadow housing market)
• Zero Hedge : The Next Leg of the Housing Crisis
• Gary Fong : the U.S. Economy
• Dr. Housing Bubble : Purchase v Rent comparison

So, basically. People have stopped paying their mortgages, but banks aren’t foreclosing because they don’t want to lose the value on their books.

Which keeps prices artificially high.

Which means we could buy a house but as soon as all these should-be-foreclosed houses go on the market house prices will drop again.

Just for an idea of the house prices we’re talking about …. look at prices for bank-owned homes in Woodland Hills (Woodland Hills is a nice area, but a little far distance-wise from the heart of the city). Bank-owned. These are supposed to be the deals.

Sigh.

So – the new plan.

Our next step in house-hunting is to keep saving money and start testing the waters again next winter/spring.

In the 9 months since we last looked, rent prices have dropped dramatically. We can now afford a 1 bedroom for what we’re paying for this garage.

Yea, I know. Ridiculous.

So, we’ve started looking and have a target move date. We’ll keep you updated as things progress.

To sum up: Still saving money as much as we can and able to upgrade to a 1 bedroom apartment.

Wish us luck!

want to read more?

• The Schuberts go house hunting (part 9)
• The Schuberts go house hunting (part 6)
• The Schuberts go house hunting (part 16)
• The Schuberts go house hunting (part 15)
• The Schuberts go house hunting (part 14)