Real Estate Live

Maryann Haggerty and Elizabeth Razzi
Washington Post Real Estate Editor and Columnist
Friday, August 17, 2007 1:00 PM

Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty.

Maryann has been with The Post for 18 years and has served as real estate editor for the last five years. She's been a business and real estate editor and reporter for about 25 years. In all that time, she still hasn't figured out where you can find a lovely but inexpensive house in a charming neighborhood.

She's online twice a month to answer your questions about the local housing market -- from condos and investment properties to contracts and mortgages.

For more on local real estate, visit washingtonpost.com's Real Estate section.

The transcript follows.

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Maryann Haggerty: The sky is falling! The sky is falling!

Well, it has been a rough week in the credit markets. Let's see if you want to talk about that, or other real estate stuff. Thanks for joining us.

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Elizabeth Razzi: Hi, everybody! Now that the financial and credit markets have our adrenaline flowing, maybe we can try to figure out what's going on with our homes.

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Rockville, Md.: Multiple people wrote into Michelle Singletary's chat yesterday to ask about the repercussions of Countrywide getting into trouble, specifically if they are the company holding your mortgage. The only answer Michelle gave was to keep paying your mortgage. Well, duh.

Can you provide more details? Specifically, will you address what might happen if the company holding your mortgage goes under? Since the mortgages are Countrywide's assets, would they just get sold and we'll just all get a new address to mail the payments? Thanks!

Maryann Haggerty: Those mortgages are the lender's assets. They will be sold to other investors. You may eventually get a new address to send your payments to.

But "keep paying your mortgage" is not a duh answer. You would be surprised at the number of people who can justify thinking they don't owe that money. You do. Keep paying it.

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Silver Spring, Md.: My wife and I are in the market for a home in the Silver Spring area. Recently, we have seen decent homes stay on the market for three to six months and drop list prices from five to 10 percent. We put an offer a home for 8.3 percent less than asking and we were willing to budge about 1.7 percent upwards. We were willing to close very early knowing that the sellers were closing on their new home. In addition, we were covering all of our own closing costs. A nearby home sold for about 100,000 less than their asking a year before. Rather than counter our offer, the sellers said they were "offended" by our offer. First, are we really that crazy? Second, are they really in a position to be "offended"?

Elizabeth Razzi: Sure, they can be offended. And they can continue to live in an unsold house. However, I wouldn't be too rigid in applying a percentage discount to all list prices. Your real estate agent should help you find out the actual sales prices of comparable homes that sold RECENTLY. That's how you zero in on the price to offer.

Maryann Haggerty: In fact "offended" is a common reaction from sellers faced with a low ball offer.

If the offer you made is indeed reasonable, you can resubmit it, possibly with a token increase. More than $1. Less than $50. If they're still offended, move on to othr sellers.

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Darnestown, Md.: I read Ms. Razzi's articles on Metro Dream Homes and Metropolitan Grapevine. The articles were great but reading it made me really concern with what is going on in our local residential market. I've been a commercial lender in the area for many years and I have a good understanding on how loans work. After reading the article, I can't figure out how Metro Dream Homes gets an appraisal that is 10 percent above the selling price. Why would a bank allow someone to take 110% loan to value in today's market or even a year ago? Now with the country's mortgage problem, I'm starting to understand why a long time ago loans required more of a down payment and interest only loans were laughed at. I think it will take some time for banks to trust again. I'm thinking this "national credit crunch" is really going to show us some crazy things mortgage lenders, title companies, real estate agents and appraisers did the last few years. I really feel that all these industries work too close together and are sometimes owned by the same people which creates a huge conflict of interest. Do you think the government will come in and regulate the real estate industry more anytime soon? I know it could slow down the market but I think it will be best in the long run. I also feel that white-collar crime needs more attention from the FBI.

washingtonpost.com: Before Metro Dream, A 2001 Ponzi Accusation, (Post, August 12)

Elizabeth Razzi: You make some interesting points. And I can't wait to learn how such loans got approved.

Maryann Haggerty: Note that this week, after Elizabeth's second article on Metro Dream Homes, the Maryland state authorities moved in and ordered them to stop soliciting more investors... Let's see if we can find that article, too.

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washingtonpost.com: Whose Service With Settlement, (Post, July 29)

Elizabeth Razzi: Here's a link to a recent column about settlement agents and lawyers. They may be able to either help with a FSBO sale, or make referrals to colleages who will.

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Arlington, Va.: Could you discuss the impacts to the market of a large mortgage lender Countrywide going bankrupt? After what we are seeing today, bank runs on the banking division, etc. I'm beginning to see that as a huge possibility.

Elizabeth Razzi: Certainly it's a possibility, but by no means a certainty. I don't see why people are lining up to claim their FDIC-insured deposits; that's an over-reaction. I'm hoping people catch their breath over the weekend and settle in for calmer analysis. What would be the effect of a Countrywide bankruptcy? I don't know -- and I think that very uncertainty is what's helping to make the markets so erratic right now.

Maryann Haggerty: The impacts on the financial markets could be severe. The debate on something like this can quickly become "is it too big to fail?", ie, will folks in some way bail them out?

However, that assumes that they do indeed go bankrupt, rather than work their way through a bad bad patch.

And yes, runs on FDIC-insured assets are just plain stupid.

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washingtonpost.com: Maryland Halts Firm's No-Pay Mortgage Offers, (Post, August 16)

Maryann Haggerty: Here's the link to how maryland regulators reacted to Elizabeth's Metro Dream Homes stories

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York, Pa.: Do you think today's drop in interest rates by the Feds will have a significant impact on the current housing crisis?

Elizabeth Razzi: It's had a significant effect on the stock market -- at least this far in the day. Right now, it's more of a credit availability crisis than a housing crisis...though that could very well follow. I wish I had better predictions--but I think that's what everybody is wishing this week.

Maryann Haggerty: Yeah, the stock market looks happy today. Of course, there are still hours to go...

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Countrywide ... risk to mortgage holders?: My mortgage is with Countrywide. With the shake up on Wall-Street Wednesday (mention of bankrupcy possibility and the liquidity woes) what is the risk to me and other mortgage holders with Countrywide? Can they raise my monthly payment if they go into crisis mode?

Elizabeth Razzi: As a borrower, you face little risk. If a lender goes bankrupt, their loans (which are their assets) get sold to someone else. Borrowers get a new address to send their payments to. There can be some flubs transferring the servicing of the escrow account, so borrowers should keep a close eye on it, making sure their taxes and insurance are paid on time. Above all, you have to keep paying your monthly mortgage, of course.

Maryann Haggerty: And your monthly payment is determined by the loan papers you signed. It can't be jacked up on a whim.

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Left Field: The "offended" post sort of sums up why I've only bought a house once and keep my cars as long as possible. Sales professionals are in the business of intertwining the financial parts of your relationship with the interpersonal part.

How does someone like me who isn't good at "not being nice" learn not to be nice guy/gal when (my) money is on the table?

Maryann Haggerty: You do it by realizing that this stuff isn't personal. It's business. If you are working with a real estate agent, you need never ever ever interact with the actual seller. Tell your agent--who should be working for you--that you don't want to hear any emnotional stuff, etc.--that you want her to bargain as hard as possible on your behalf. And make sure you pick an agent who has that personality, someone opoosite of you.

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D.C.: I need to sell my home and buy within six months or risk losing my great relocation package with a potential value of almost $100,000 (moving, five percent credit to closing costs/points, 1 month salary, rental, etc.). Is moving forward with buying a house a no brainer? I'm looking at NoVa.

Elizabeth Razzi: Act within six months or lose $100,000. Seems pretty clear-cut to me, that you need to act. However, you still need to shop broadly and bargain hard. And, whatever you do, don't let sellers find out about that hundred grand that you're getting.

Maryann Haggerty: And don't let the folks who are buying your current place find out, either!

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Palmer Park, Md.: Maryann and Elizabeth: Thanks for taking my question. We (my family) recently moved into our house in June '06. Two and a half weeks ago, my daughter died. Well, that little girl ruled our household and EVERY part of the house reminds us of her. My wife wants to move as soon as we are able.

In the Landover area, prices have steadily risen and houses in my neighborhood are selling for roughly $20,000 more than what we paid for last year.

I would like to sell my house without an agent so we can use the money we get to put towards the next house we buy. So, we have decided to sell without an agent so we don't have to pay commissions, which would probably wipe out all the money we would pocket.

I called a Real Estate lawyer this morning because I kept reading in articles that a FSBO may need to obtain one. She told me over the phone that I would need a real estate attorney to write the contract which she priced at $400.

My question is do I need them for anything else or do I need to get other people involved to proceed as a FSBO?

I appreciate your help in this matter.

Elizabeth Razzi: Please accept my most sincere condolences on your terrible loss. Generally, right now, it's a difficult time to sell a home, even with a real estate agent's help. A real estate lawyer should be able to help you with the necessary FSBO documents and advise you through the closing. I'll provide a link shortly to a recent column that could help you find an attorney. Be aware that even though you're selling FSBO, a buyer may already have agreed to pay a commission to a buyer's broker, which could cost you a 2 or 3 percent commission anyway. And, be aware that selling FSBO can be a trying process even in the best of circumstances. Another approach you might consider, if selling and moving proves unaffordable, might be a significant redecorating of your current space. I wish you the best with it.

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Springfield, Va.: To the Silver Spring chatter who didn't get their offer accepted - if another similar house sold for $100,000 less last year, it sounds like you're offering way too much in the first place. Prices are falling, not rising. Move on to another house at a much lower price. My general rule of thumb -- if you aren't embarrassed by how low your offer is, you've probably offered too much.

Elizabeth Razzi: Good points. And an offended seller really ought to squelch their bitterness at least enough to make a counteroffer, and keep the deal in play.

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Bethesda, Md.: I wonder whether higher rates on 'jumbo' mortgages are going to affect the market here. On the one hand, prices are high, so fully financed sales are going to be well into the jumbo range -- but on the other hand, people pay for their new homes, at least partly, with money from sales their old homes. Any ideas?

Maryann Haggerty: It will make it tougher for a first-time buyer to afford a high-priced house, that's for sure. But we are already hearing from lenders who are coming up with creative ways to cope.

Elizabeth Razzi: I think higher rates will be easier for jumbo borrowers to swallow than skittish lenders and mortgage commitments that disappear before closing.

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Really?: I'm not a business whiz my any means, but even I had enough sense to know that if Countrywide folds SOMEONE will hold my note and I will have to pay them. I guess common sense just aint that common.

Elizabeth Razzi: I've found that when I assume that something seems obvious... isn't necessarily so for everyone.

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Arlington, Va.: Um, even though it is ridiculous either way, shouldn't those people be lining up to claim their deposits that are NOT FDIC-insured? Sorry, I just got a chuckle out of that one.

Maryann Haggerty: I don't care what bank you have your money in. You should be aware of the FDIC limits. That's up to $100,000 per depositor, per bank. Deposits in different categories of ownreship at the same bank can be separately insured. (ie, you can have an account in your own name and a separate joint account.)

I was working in Florida the last time there was a spurt of runs on banks. There were plenty of retirees who had cash above the insurance limits.

Oh, and your money market account is not insured.

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Silver Spring, Md. (again!): You suggested in response to my question that "Your real estate agent should help you find out the actual sales prices of comparable homes that sold RECENTLY. That's how you zero in on the price to offer." However, we felt that the market was healthier a year ago -- were we wrong?

Elizabeth Razzi: It probably was healthier a year ago. But, unfortunately, that doesn't matter a whit today.

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Miami, Fla.: I think all this subprime stuff is overblown. Without the banks fudging the numbers or going easy on people with so-so credit or people who are putting zero down, how are people supposed to afford property when prices are so high? And if people can't buy, then the housing market will REALLY be in trouble.

Elizabeth Razzi: I guess you don't hold any mortgage-backed securities in your retirement portfolio.

Maryann Haggerty: Markets tend to swing. Right now, mortgage money is ridiculously tight (but rates haven't really soared.) A couple years ago, it was ridiculously loose. The odds are, someone will figure out some sort of workable mean, and it won't take too long. Then the next mania will come along--we don't even know what it is yet.

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RE: Metro article: I second Elizabeth's excellent reporting. And no, I can't figure out how a loan got approved that way, but there are so many fly-by-night questionable mortgage companies that came into being at the top of this bubble that it was probably just waiting to happen. What I don't understand is how the head of the company, after getting his butt kicked by the state on a previous scam, could be listed as the President of this company. Were Maryland officials asleep at the switch?

Maryann Haggerty: Well, he didn't register the new company, according to the state.

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Jumboland: In this market, $417,000 ain't a mansion.

Is there any data that show prices that had been just over that are dropping to just under, and sticking there (e.g., nothing sells for $450,000, it's either $416,000 or $500,000).

Maryann Haggerty: No data yet. Jumbos have only been tight for about a week--a week in the slow season, when many borrowers already had locks on their loans. Sure, if a lender went under before closing, you would lose the loan. But not everyone has gone under.

Elizabeth Razzi: You bet I know that $417,000 ain't a mansion around here. In a lot of neighborhoods it ain't even the dirt. The only, tiny good fortune to be found in this credit spasm is its timing. Half of DC-area residents are out-of-town, and certainly not looking for a house. With any luck, heads will cool over the long Labor Day weekend coming up not too long from now, and investors will give in to their desire to make a nice profit from well-paid, credit-worthy DC-area borrowers in need of a big mortgage.

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Arlington, Va.: I have a refinancing question. I would like to refinance a 5/1 ARM into a fixed-rate mortgage -- I have two years before the ARM starts to adjust, but would prefer not to wait and risk having interest rates go up before refinancing. My credit score is very good and the appreciation on my condo seems to be holding. My question involves the current instability with mortgage lenders -- I've gotten advice that I should only talk to portfolio lenders, but since that might not give me a competitive interest rate, am I risking too much by just working with a mortgage broker and possibly going with a bank that is not a portfolio lender? What questions should I ask a mortgage broker or non-portfolio lender to try to avoid having problems, either with a deal falling through just before settlement or the lender having major financial problems after I sign the papers? I'm finding this all very confusing so I appreciate any advice you can give. Thanks.

Elizabeth Razzi: Right now, portfolio lenders have the edge over brokers in getting mortgages approved and funded. The simple fact is that practically nobody wants to buy mortgages these days. Portfolio lenders have much more control over the process. You MIGHT find a more predictable situation in a couple of weeks--if the markets settle down. Then again, there's a risk of higher interest rates then. Sorry to say it, but it's an extremely undpredictable scene right now.

Maryann Haggerty: This is a bad time to go out in the mortgage market if you don't have to. No one knows what is happening tomorrow. (Well, tomorrow is Saturday, so that should calm things down a bit.)What you risk if the lender goes under is a lot of aggravation--and probably your application fee. You might want to see what a bank is willing to offer you...

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McLean, Va.: Hi, Maryann and Elizabeth. If I add on a sunroom, does that space count in the calculation of the house's square footage?

Thanks very much.

Maryann Haggerty: Generally it counts if it is heated/air conditioned. (Your garage doesn't count, for instance.)

If square footage is relevant for zoning purposes, check with the county zoning office to see what they have to say. Othrwise, square footage generally isn't relevant--people don't buy houses based on $ per sf.

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washingtonpost.com: Approved Home Loans No Longer Done Deals, (Post, August 16)

Maryann Haggerty: This is a story we ran the other day about seemingly-approved loans going poof right before closing.

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Capitol Hill scuttle: Heard through my real estate agent who heard from a new construction sales person that Jenkins Row on 14th and Pennsylvania Ave. SE may go rental. Apparently, there is a two year delivery date clause in contracts and the two year delivery for jenkins row has expired ... Some people with contracts to buy are suing to be released from their contracts.

Maryann Haggerty: So many condo buildings have gone apartment in recent months that it's impossible to keep track of them all. (Can we find the story that ran the other day about that?)

As for Jenkins Row--whether it's condo or rental, I just wish they would get the Harris Teeter open there!

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washingtonpost.com: Many Buyers Must Try, Try Again As Condominium Market Shrinks, (Post, August 15)

Maryann Haggerty: Here's the link to the condos-going-rental story...

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South Riding, Va.: Hello, Maryann. My husband and I bought a small house in 2003. Four years and two kids later we outgrew it. We have found the home we like but now we are concerned that we won't be able to sell the townhouse. And having a 7/1 arm mortgage we are concerned that in a couple of years we will have to sell the house anyway, since our mortgage will go up. Do you think that we should wait selling the house, or sell it, rent for a while and then buy another, if prices are going to be dropping for the next two years?

Thank you!

Elizabeth Razzi: You probably will be safest trying to sell the townhouse now--at least if you're willing and able to accept the relatively low price that will be necessary to attract a buyer right now. The consolation is that the new home should be selling for a comparable discount. A sinking tide lowers all boats, to reverse the usual analogy. And, meanwhile, your family gets the space it needs.

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Cheverly, Md.: I'm sure you saw the article in the WSJ yesterday about the couple who make a combined 90k a year and who yet were able to buy a home for $567,000 (w/ no money down). How is this possible? Have the banks completely lost their minds? Is there no such thing as a credit check or a debt-to-income ratio anymore?

Maryann Haggerty: In that case, there wasn't. It was a no-money-down loan. No one paid attention to any ratios--or, indeed, to their credit history. They just barely squeaked by in the pre-reset portion of their no-interest loan. That situation appeared to have all the indications of an extremely bad loan.

But you know what? That $567K house was very modest. Housing prices throughout California are ridiculous. They make prices here look affordable.

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Alexandria, Va: Fake Demand (people getting approved for loans that shouldn't have gotten them causing a need for more homes).

Fake Appraisals (jacking the house price up to meet the lenders #'s or you get blacklisted)

How far in for a fall are we in the D.C. area because we're in the top five of high risk mortgages in the country? I believe this market here has a long way to adjust still.

Housing (condos/sfh) are over-priced and valued. Lets go back to 2001, follow the chart up via normal inflation and adjust for the interest rate and price accordingly.

Elizabeth Razzi: Like it or not, the ebb and flow of demand and supply set prices, not mathematical formulas,even if they seem completely rational on paper.

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Fairfax, Va.: It is becoming more common for home owners in our area to rent their homes when they move away instaed of selling their homes. We live near a university so young students tend to be the most common renters. Of, course, it is not just one person but several who team together to rent a house. Late night parties disturb our sleep too often. Question is, besides calling the police for noise ordinance violations, what can be done to make the home owners share the in the pain they have placed on their past neighbors?

Elizabeth Razzi: Ah, yours is the cry of homeowners near college neighborhoods through the ages. You want them to share your pain? Perhaps a voodoo doll and some tiny pins? Honestly, I'm not that skilled at revenge.

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D.C.: I blame the flippers, predatory realtors/brokers and no-doc. borrowers who have made this into what it is today. I will never buy a house from a flipper.

Elizabeth Razzi: Why not? If it's a nice home, you're buying it at a fair price and you intend to live there several years yourself, what's the harm in buying from a flipper?

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When the dust settles: Can you all make some predictions about lenders and the mortgage industry?

My predictions are the following:

1. Less 100 percent financing

2. Revert back to more money down

3. Less flexibility in debt to income ratio

4. An ultimate slow down in sales, production, and back to a time where people really have to live in their homes and survive rather than live in their homes and prosper.

Your thoughts?

Elizabeth Razzi: I believe you're forecasting the present.

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Hatboro, Pa.: No one should be surprised by the current housing situation. The industry has been held together by crystal string for the past several years. Qualifing rules have been bent to the limit and many people have been granted mortages who shouldn't have them. Now, many people, whether involved or not, are paying for profit driven poor decisions.

Elizabeth Razzi: Interesting points. And I love the "crystal string" image.

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Germantown, Md.: I have two houses for sale. These are investment properties, and I am in the process of buying another home, which is where I plan to retire. The plan is to sell one of the investment properties and use the proceeds as down payment on the new house using a tax 1031 exchange. The one with the lowest price gets the least traffic. Perhaps because of the neighborehood. I lowered the price on both houses a couple times already. With all this financial issues going on, it seems like this is just the worse time to sell a home. My question: would in a couple of years, can one expect that the current housing market issues have past, and hopefully be a better time to be seeling a house? I know it is difficult to predict, but, can this go on for that long? Thanks.

Elizabeth Razzi: The 1031 exchange can only be used for investment properties. You'll need to talk with a lawyer or accountant to figure out what tax you would owe if you eventually convert that property to your own residence. And I wish I knew how long this market trouble could go on. You also have to wonder, though, whether that particular neighborhood will decline in coming years.

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Alexandria, Va.: Good time to buy investment property?

Elizabeth Razzi: Maybe. How much does it cost, how much cash flow does it produce, and do you have the income to cover the investment? Do you have enough cash to ride out any downturns? What's supply and demand like for that type of property in that location. Those are the questions you need to ask to figure out if it's a good time to buy--regardless of what's happening with the overall market.

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Baltimore, Md.: How significant will the D.C. real estate market be affected due to thecredit crunch in the jumbo mortgage market?

Elizabeth Razzi: It will have a bigger effect in DC than Baltimore, because of the higher housing prices in DC. The median is almost twice the national average in the DC metro area, meaning lots and lots of mortgages for more than $417,000. There still are many very creditworthy borrowers in this community, and one can only hope that investors' desire to do business with them will outweigh their fear of losses.

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Germantown, Md.: I have been watching older, less-expensive single family homes in the Germantown area plummet in price as sellers repeatedly reduce their asking price. On home was originally priced at 535K in April and is now a "short sale" for $435,000. Many older brick ranchers and split-foyers from the 70's are now under $400,000. Is this a good time to take advantage of the fire-sale mentality to move up from my current townhouse? Some news articles I've read suggest that prices may continue to slide for another year or two.

Elizabeth Razzi: It depends on what's happening with the value of your townhouse. If you can sell it for enough to make the jump, and you plan to live in the new home five years or more (to ride out market swings, then it probably is a good time to trade up. The good news is those $400,000-ish home prices make it probable that the buyers can qualify for non-jumbo "conforming" loans ($417,000 or less), which are the easier ones to get in this difficult mortgage market.

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Alexandria, Va.: I am hoping to get my house on the market by October and plan to sell it before buying something else, though I have a condo development in mind. I would even consider renting until something comes along that I like. Do you think this is a good time to be doing this, or should I wait?

Elizabeth Razzi: It's as good a time as any, considering the large supply of condos on the market and your willingness to rent until you see the right opportunity come along. One caveat: Try to get that house on the market early in September. Buyers typically return to the market after Labor Day, and you can't afford to shorten that window before the holiday doldrums set in.

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Olney, Md.: We currently own a $500,000 house with a $100,000 mortgage. We are in the market for a $750,000 house and have been advised that we can offer a much lower price on the more expensive house if we don't go in with a contract contingent on the sale of our house. We can afford to pay two mortgages in the short-term -- but obviously would prefer a quick sale on our house (so we are willing to price it low). What are your thoughts on this non-contigent strategy in this tough market?

Elizabeth Razzi: It would make my stomach ache at 2 a.m. if I were trying it, but that's just me. A far safer approach would be to sell the current house and then buy something from the abundant offerings on the market.

Maryann Haggerty: Flip side: A colleague of ours just did exactly that. At first, the seller rejected her bid because it was significantly lower than a couple others. But those others had all sorts of strings attached. Seller eventually took her offer. (It took about two weeks to get to that point.) Within days, she found a tenant for her old house who is paying enough to cover that mortgage. She is very happy.

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Alexandria, Va.: Is the current mortgage situation scaring off people who were in the market for buying a house? Should it be? Do you think this is a temporary situation? Thanks!

Elizabeth Razzi: I hope it's temporary. And we'll see if it's really scaring people off after Labor Day, when the market usually picks up. Another factor to consider is the loss of money in the stock market recently. Money lost could mean less available for down payments.

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Elizabeth Razzi: Thank you for such a broad variety of questions! I'll see you back here the Friday before Labor Day weekend. Maybe the credit markets will have settled by then!

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Reston, Va.: To what extent is the Washington Post's Real Estate section responsible for some of the current crises in the area's mortgage market. From my -- and others -- perspective, these pages haven't been much more than a shill for the NAR and an advertising section for local homebuilders and realtors. Looking back, at what point should you have written, "Look people, it doesn't make sense to to take out zero percent interest, super-$500,000 loans to purchase a home you can't afford." Don't you bear a little responsibility?

Maryann Haggerty: Well, except that we did all that. In 2005, Kirstin Downey was writing A1 stories about the time bombs inherent in nontraditional loans. In the Saturday section, we were running stories telling people how to understand their loans, how to educate themselves, how to make choices. But we weren't lecturing them, which I guess is what you would have wanted?

I got a real kick out of one blog posting I read this week about a bearish economist saying that our main source was another bullish economist--when I know that said bear was probably quoted almost precisely the same number of times, even during the years when he was, shall we say, prematurely correct?

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Maryann Haggerty: Anyway--thanks for joining us, folks. I'm headed out on vacation for a while, but I hope those of you who remain here will take the opportunity of these last days of summer to relax at home.

Take a deep breath or two, and chill...

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Maryann Haggerty: Oh, yeah--read the Real Estate section in the Post tomorrow, and inside the Business section of the Post on Sunday!

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