Real estate insanity

They’re In — but Not Home Free: Many Californians have ‘interest-only’ loans. They might be living on borrowed time.

It’s not just first-time buyers who are at risk of payment shock. Miseon and T.G. Kang just sold their town house in San Jose for $625,000 and bought a new home for $1.21 million.

“We paid a premium. We wanted this house. Without an interest-only loan, we couldn’t have afforded it,” said Miseon Kang, a pharmacist. “For five years, our payments will be OK. But after that, they’ll be a problem. My husband and I are concerned.”

Via Atrios

At some point, I really have to track down a copy of Matt’s book that’s apropos to the subject (Shaky Palaces: Homeownership and Social Mobility in Boston’s Suburbanization (Columbia History of Urban Life (Hardcover)), out of print)

Addendum: Loosely apropos, and for lack of a better place to put the link…. Meritocracy in America: Ever higher society, ever harder to ascend

Wal-mart vs. the Borg

Well, not really, despite their similarity. But do check out the Wal-Mart Fact Checker page.

link via MyDD

“Nate: The next chapter”

As of this Friday, I’ll be leaving my job at Panta Systems, and after a week off, I’ll be starting in the ITS department at the University of San Francisco.

I’m a little sad to be leaving Panta – they have good people, cool technology, and some very interesting problems to be working on. As for the job at USF, no, it’s not a teaching position (what with an only-90%-finished MS that’s pretty obvious), but it’s too good an opportunity to pass up. Beyond the fact that my title will be the mouthful “Web Programmer/Application Administrator” (or I may have the order of the two halves backwards) I’ll have more on what I’ll be doing there later.

Addendum: Had a good vacation, albeit with a bit of a cold (so no SCUBA diving 🙁 ) — more, along with possible photos, later.