Nickles’ Dilemma: Rent or Buy?
Now that D.C. Attorney General Peter J. Nickles has been confirmed in his post, he had to find a residence in the District of Columbia. LL intends to follow the house hunt aggressively, and he caught up with Nickles yesterday to see how it was going.
"Going great," he says.
Seems Nickles is closely monitoring developments in the financial sector before moving forward with his search. If lending guidelines ease, he says, he'll be more likely to buy than rent.
"I read in the newspaper that the Fed will come in and guarantee these low mortgage rates," he says. "If the Fed comes in with 3.5 percent...that would tip the scales."
The floor currently under discussion is 4.5 percent, so the scales may not tip as far as he might think.
Nickles warns LL that he has no plans to disclose where his future place of residence will be, citing "crazies" that have come out of the woodwork in recent weeks after his confirmation vote, leading to extra security being placed at his One Judiciary Square offices.