“If we missed out on the 4.5% refi rates, have we basically missed the boat?  What would make it worth it now to still refi?”

Good question, we’ll find an expert and try to get you some answers!

“While conceding that economic fundamentals were favorable to rising home prices, they also noted that there were elements of bubble psychology in the housing market. Case and Shiller pointed to an increase in the buying of real estate for investment purposes and high expectations of housing price increases.

They also observed an increasing sense of urgency and opportunity among home buyers, who were plunging into real estate for fear of being left behind as they perceived their friends and neighbors growing richer–classic signs of a bubble.”

Meantime, Tamarack in Idaho is under, while Credit Suisse is fighting to hang onto first lien status with uber-exclusive Yellowstone Club, which is just a mess , bankrupt and smarting from bad press due to the nasty divorce of it’s great-looking founders, Tim Blixeth and his ex (?), Edra. Also pulled in: luxury second home big boys Discovery Land Co. Interim lender CrossHarbor Capital Partners is trumping and may end up owning the joint because Credit Suisse apparently could not cough up enough cash for a debtor-in-possession loan:

“While it is highly unusual for a major lender to be pushed out of the first lien position in a bankruptcy, Credit Suisse may turn out to be too late with its latest plan.”

About this time last year I tried phoning YC to write up  properties as Hot Props in D Home — they acted as if I needed a security clearance and was trying to find the president’s war-time bunker. We ended up in Big Sky.

But Dallas Addison, who develops second home properties in east and south central Texas, as well as Hawaii, tells me the second home market is still pretty strong. (Posting his story soon: Dallas tells me that Hawaii’s Big Island gets so crowded with residents’ private jets they have to haul them off to other islands for parking.) Glad to hear it: I haven’t been on a Lear in forever.

The National Association of Realtors does not track swap sales, but a number of house-swapping websites have popped up in the last couple of years, most reporting steady increases in online swap postings, like Craigslist, which reported a 30 percent increase in house-swap listings in 2008 over last year.

So I wish I had asked our teacher about this in school. Vitally,  what is the role of the Realtor? I would imagine it would be business as usual for Texas agents, but since out-of-state agents are considered “foreigners” here until they obtain a Texas license, wonder if you have to use an agent or an attorney if the swapper is in another state? And I imagine there are some horror stories out there — about the houses, not spouses — anyone?

PS: Another trend agents tell me we are going to be seeing more of: owner financing. Stay tuned.