>>This item is part of the May 2010 cover story Tales From the Boom and Bust. To read an excerpt from the article, click here. To read the complete account of the rise and fall of the housing market in Washington, pick up a copy of the magazine, now on newsstands.
 

Ari and his wife, Rachell—who wanted their last name withheld—bought their first house, a three-bedroom in Silver Spring, in March 2007. They paid $455,000 with a five-year adjustable-rate mortgage. They won’t be able to afford higher monthly payments starting in 2012, and they can’t sell or refinance because their home value has dropped. We talked with Ari about their choice: stay and face foreclosure in two years or walk away from their mortgage.

We went into this very naively. I have a master’s in literature from Cambridge University, but I don’t know anything about money. We were advised not to put any money down. The broker said, “Save your money for your monthly payments. I’m going to get you this great ARM.” At the closing, I was signing all kinds of documents. I saw one that was showing $3,700 monthly payments in 2012—until then, our payments are about $3,000. I paused. My agent glossed over it: “Don’t look at that. You’re going to refinance before then.”

About six months after we bought, when the market started going down, I e-mailed my mortgage broker—whom I knew through our religious community—and asked him to explain more about how an ARM works. Do I have to hope that the market is going to recover enough by 2012 that the house is worth what we paid for it? His answer was “Hopefully, God will take care of it.”

>>This item is part of the May 2010 cover story Tales From the Boom and Bust. To read an excerpt from the article, click here. To read the complete account of the rise and fall of the housing market in Washington, pick up a copy of the magazine, now on newsstands.

Call them scavengers of the housing bubble. As more homes have gone into foreclosure, those in the business of cleaning up vacated properties have done well.

“Does the undertaker feel guilty about burying a dead body?” says Otis Banks, owner of the O-Team, a service that cleans foreclosed houses in Maryland and DC. “It’s nothing personal.”

Businesses such as the O-Team are hired by banks. The cleaners accompany a sheriff’s deputy, who either evicts the homeowners or ensures that they’ve already moved out. Then the team starts purging abandoned belongings and, often, repairing the house.

For this year’s Home Design guide, we asked readers to submit their best space-saving and storage ideas. The winner? Bobby Gignilliat, who found a new use for Ikea kitchen cabinets.

Gignilliat didn’t have enough storage space in his one-bedroom apartment on DC’s Capitol Hill, and after consulting with his architect sister, he came up with the idea to build the Ikea modular cabinets across one side of the living room. He topped the cabinets with kitchen countertops, creating not only extra storage, but also a seating space for visitors. Take a look at the finished product and read more about his project here.

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Wednesday, March 31
Look out for big dogs (and cats) on the George Washington law-school quad (200 H St., NW) for a Washington Humane Society adoption event from noon to 3.

Thursday, April 1
The Washington Animal Rescue League kicks off a month of discounts from Love of Dog Bakery. As the charity of the month, the gourmet pet-treat site is donating 5 percent of its April proceed to WARL. Click here for more information.

Friday, April 2
For help adjusting to the newest member of your family, try the Washington Animal Rescue League’s (71 Oglethorpe St., NW) New Dog Guardian Orientation Class. The league’s trainer will lead the free seminar on house training, chewing, socialization, and more. The class is for people only and starts at 6:15. E-mail training@warl.org to RSVP.

Tuesday, March 23
Helping animals in need is a sweet deal in Silver Spring, where the Washington Animal Rescue League is handing out free ice-cream cones all day. From 11:30 to 8:30, volunteers offer free scoops and WARL information at Ben and Jerry’s (903 Ellsworth Dr.).

Saturday, March 27
The Washington Humane Society is canvassing the organic/sustainable/hipster food crowd at Whole Foods in Logan Circle for an adoption event. Adoptable dogs and possibly cats are on hand from 12:30 to 3:30.

Drink for a good cause at Union Pub (201 Massachusetts Ave., NE) for Maryland’s Pets with Disabilities’ TailGate Fundraiser Happy Hour. The event features some animals from the shelter, and guests are asked to bring a donation of food, toys or supplies for the group. Check out a full list of what they need here. Pets with Disabilities serves disabled pets looking for homes. Noon to 4.

Thursday, March 18
The Washington Humane Society hosts the Meow Mixer, a cat-adoption event, at its Behavior & Learning Center (7315 Georgia Ave., NW). 7 to 9 PM.

Saturday, March 20
Talk about downward dog. Tranquil Space Yoga (1632 17th St., NW) teams up with the Washington Humane Society for a dog-and-cat-adoption event from noon to 2:30.

The Big Bad Woof (117 Carroll St., NW) hosts the DC animal trainer Laura Costas for an informal positive-reinforcement training seminar. Costas focuses on basic training and specific behavior issues. 11 to 2.

Tuesday, March 2
Don’t give up on your problem pup just yet. The Animal Welfare League of Arlington (2650 S. Arlington Mill Dr., Arlington) is teaming up with Kissable Canine trainers for private behavior sessions with your dog. The one-on-one, 75-minute workshops focus on problem behaviors and positive-based training methods. $75. E-mail info@kissablecanine.com to reserve a spot.

Thursday, March 4
While Ingrid King was managing a veterinary hospital, she met Buckley, an affectionate tortoiseshell cat who made a big impact on her life. King will be at Barnes & Nobles in Reston (Spectrum Center, 1851 Fountain Dr.; 703-437-9490) to sign her memoir, Buckley’s Story: Lessons From a Feline Master Teacher, at 7.

Friday, March 5
In its free Preparatory Class for New Dog Guardians, the Washington Animal Rescue League’s trainer will cover house training, socialization, chewing, separation training, and more. The seminar is for people only and starts at 6:15 at 71 Oglethorpe Street, Northwest. E-mail training@warl.org to RSVP.