Building inspectors enforce code during the design, construction, and inspection phases. At least they should. If work was done without a permit, obviously they can't. And yes, if code has changed subsequent to the original construction, "non-compliant areas" are grandfathered. Out of code conditions can remain when new and additional work is done, unless the new work is extensive. In that case, the inspection department can require that the old non-compliant areas be brought into compliance, bringing the entire structure "up to code". In general, home inspectors don't enforce or quote code. Some might. In general all they do is tell you which systems in the house function properly, which don't, and what systems may need replacement in the near future. Realize that most home inspectors want to "inspect" just enough to give a warm fuzzy. "HVAC works fine". "Roof may need replacement in the next three to five years." For the most part they don't want to use a fine-tooth comb and be so nit-picky and list so much "non-critical" minutia that kill the transaction. The heat exchanger in the boiler is cracked and leaking carbon monoxide into the ducts? Yes. A cabinet knob that needs tightening? No. If an overzealous home inspector got into the habit of being so negative with minor things that he scared buyers off and repeatedly killed real estate transactions, that inspector would not get any referrals from realtors. So for the most part home inspectors look at the overall condition of the house, and not so much at specific details of the house. And they generally don't quote code. Mongo

>>The recent run up in the market has put me in a mind to move money around, but attempting to time the market has always proven to be a losing proposition for me!!! Every time I have tried to time the market, I have lost money.... if I would have just stayed put, I'd be much better off today. Exactly. You are following (what it sounds like to me, so apologies if this isn't correct) the "herd" mentality and buying when it is popular (high) and then panic selling when the market falls. It's no different than buying a house at the top of the RE runup and then watching the RE 'bubble' burst on you (yeah, it happened to us in 1989, so I know how it feels!). Steady, reasoned investing with a diversified portfolio - which you are NOT doing by having only 2 funds in mind - gives better results over time. You will not gain hugely in hot stock years, but you will also not lose hugely in bad ones, such as the 27% drop in the S&P 500 from 2000-2002 and the dot-com implosion. Our retirement portfolio was 85% invested in the S&P 500 in 2000. Lost my job in the dot-com implosion and watched my husband's retirement savings lose a quarter of their value. My husband asked me what we should do. I told him the fundamentals were still in our favor, we're investing for the long term, and that the big stocks would recover first which is the historical norm. Within 18 months we had regained the losses and the portfolio has gained 11-22% annually since, BUT we are currently more aggressively diversified into international stocks on the advice of my ex-boss. He's an independent Certified Financial Planner who can pick and choose his customers because he's semi-retired and only takes referrals, no hard advertising for years now. What I learned from him that was a lot more important than any stock tip was to get my legal and financial house in order! This meant a customized Revocable Trust (we learned what NOT to have while trying to update my widowed MIL's outdated Trust!), new wills, power of attorney docs, durable healthcare POA updates (including the crucial HIPAA release which nobody ever tells you about, but legally a doctor can't even tell your spouse what's wrong with you, emergency or no, without it). I also finally consolidated all my previous employer 401k's into one IRA at a low-cost brokerage. I'd been meaning to do it for years, but kept putting it off. I finally got a first-hand lesson just before I left the CFP's employ - a widow signed on as a new client and her husband had left half a dozen 401k's scattered around at various tech companies. It was a paperwork NIGHTMARE to get them consolidated under the widow's name! So that was on my to-do list before I could start looking for work, LOL. You cannot "time" the market. Free advice is usually worth what you have paid for it. Heck, even a lot of paid advice often isn't worth it! As my ex-boss would tell people, "Hey, if I knew what the next hot stock would be, do you think I'd still be doing the CFP thing??!??" Mind you, he makes a very comfortable living; nothing outrageous and nouveau riche, just a good solid six-figure income plus he loves what he does, working with people and helping them secure a good financial future. Set up a regular investment program and diversify through mutual funds at a low-cost brokerage. At least 3 funds in different markets, preferably 5 as your portfolio grows. Check the 10 yr average returns because the 5 yr averages are now skewed - the 'dog years' of 2000-2001 have now fallen off the 5 yr average. For those who are saving for college, 529 plans are not counted in most college aid plans because the adult retains ownership, a child is merely the beneficiary and it can be changed at any time. However, 529 plans are only useful if your investment horizon is at least 10-15 years. A UTMA account can be transferred to a 529 plan but you will need to talk to your financial advisor or brokerage for full details.

Berniek is right: Much of the blame here falls upon the shoulders of the politicians (led by then-President Clinton), who forced banks to begin some rather foolish lending practices. Alan Greenspan certainly did his share to push this concept of "everyone can borrow" during his time as Fed chairman. Between creative financing, no money down offers, and other such options, the government has given people plenty of rope with which to hang themselves. We Americans haven't proven ourselves to be particularly strong in the moderation and self-discipline categories over the last 30-40 years. Also, remember the climate that existed in the 90s, when I bought my first house: Spurred on by the soaring housing prices, people were convinced that buying "as much house as you can afford" was a good move. Housing was considered an investment that couldn't fail. Yes, the experts began preaching about "the housing bubble" long before it hit, but the masses couldn't grasp how this sure-thing could ever fall. And there's always been a (faulty) basic belief that "If I couldn't afford it, the bank wouldn't lend it to me." I fully agree with those who say that Real Estate agents will push buyers to their upper limits and beyond, and banks will lend what they can -- it's all about profits for them. Yet, the home owner DOES also bear the brunt of personal responsibility. After all, who cares most about whether I can afford my mortgage -- and still buy groceries and other things I need? Clearly, it's ME! I reap the rewards or punishments of my decisions, so I should do the math and know whether I can comfortably afford a house (or anything else) before I buy it. However, we've sort of left that thinking behind in today's buy-now-pay-later society. We're constantly told that "we deserve" this or that thing. That if we're going to finance it, we deserve to have exactly what we want. That "everyone" has debt. We've got to get past that.

We need to lend people with lousy credit MORE money to fix this. What a crock. The lenders and borrowers both deserve what they are getting at this point, bankruptcy and foreclosure. You are NOT entitled to own your house. The majority worked hard to achieve this goal, now the 'gimme' group wants everyone else to pay for them. Since WWII we have set up a system that encourages home ownership. It still required some effort on the buyers part to achieve. Now we have a group that did not want to work, greedy lenders loaning someone else's money( after they sell the note they are off the hook) and everyone is expected to feel sorry and bail them out. It took me 30+ years to accumulate the property I own. It takes work. And Dave, you do not appear in any way to be in the sleazy group. I have a mortgage broker I have used for 20+ years, and you appear very similar to him.