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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mark Adams who wrote (90898)4/6/2001 12:05:46 PM
From: patron_anejo_por_favor  Read Replies (2) of 436258
 
<<Another example, lower home equity in aggregate (52% no vs 76% in the past). This ignores that home ownership is much higher now, with the most recent period having the highest employment and home affordability in recent history. As these newly employed people buy their starter homes, their equity is near zero compared to those who've owned 15 years>>

Mark, while I agree that every effort should be made to poke holes in the bear case, the passage you cited above gives me little comfort. There is a larger-than-ever pool of homeowners, with very little equity in their homes in a period of rising unemployment and quite possibly a recession imminent. With lower barriers to sales (lower cap gains taxes) on those who are sitting on profits in the equity they HAVE accumulated, this is a prescription for a real debacle if the "exitx" start to get jammed.

Regards

Patron
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