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		Home Page Mortgage News You Can Use Home Is Where The Heart Is Part Three Hefty home price appreciation over the past five years has at least made Americans who do not truly love their houses, such as Wittig, feel better about them. And it has made those who already love their homes adore them all the more. In the Washington area, home price appreciation came in at an annual rate of more than 10 percent every quarter from the beginning of 2001 until the second quarter of 2003, when it dropped to 9.18 percent, according to figures from the Office of Federal Housing Enterprise Oversight. In the third quarter of 2003, the last quarter for which figures are available, annualized price appreciation in this area averaged 8.41 percent. "Americans have been earning more on their homes than on their IRAs," Harvard's Baker said. "That's a big part of why people love their homes so much at the moment. If that changes, they're going to love them less." Price appreciation is one of the important factors making Chris Dragisic happy about her purchase of a one-bedroom, one-bath condominium in the U Street NW corridor of Washington three years ago. "It's been an incredible decision in terms of finance," said Dragisic, who bought her condo for $157,000. Similar condos in her building are now selling for $220,000. "When I bought, everyone thought I was crazy since I was just starting grad school and not working," she said. "Now all my friends are saying they wish they had done it too. I have three years more equity in my place than any of them will." Scott Rubin, who with his wife, Elizabeth, owns two townhouses, said he has found that the key to loving a house to the fullest is becoming a handyman. "I was the typical Jewish schnook who couldn't do anything around the house," he said. "If we had a problem, I called someone to fix it." Over the last few years, though, Rubin has taken county classes in plumbing and electrical work, watched a lot of do-it-yourself television shows and read magazines and books on home improvement. He remodeled the kitchen of his Arlington townhouse himself; he installed recessed lights, and he gutted and re-habbed a bathroom. "I'm much more proud of what I've done at home than what I do for a living," said Rubin, who is a corporate tax preparer. "The house is that much more mine because I've done it myself." When their Arlington townhouse got too small for them, the couple bought a larger townhouse in the Lakelands neighborhood of Gaithersburg, where they moved. But they rented out their Arlington property rather than selling it. "We didn't even give a thought to selling," Rubin said. "Some friends tried to pressure me to sell, telling me, 'there's a bust coming, get out now,' but I just didn't buy it." Rubin said he has never met anyone who regrets buying a home.   Back to Original Article: News You Can Use   Continue with: Home Is Where The Heart Is Part Four Finance: Election Year Investing Finance: Election Year Investing Part Two
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