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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Mark Ivan who wrote (235)8/16/2001 7:09:45 PM
From: Tom GordonRead Replies (1) of 306849
 
Those interest rates just merely cloud the looming gloom and doom hanging over the real estate market.
The baby boomers insatiable appetite to have those large homes are to there belief, that it's there one true refuge of financial resource that they will draw on after it appreciates through to retirement.
Zero savings and a dwindled down stock portfolio will not suffice retirement after there decades of spend happy habits.
In order for them realize the wealth they must sell , to whom, the downsizing Generation Xer's?
Housing appreciated last year at 11% adding more than 1 trillion $ of wealth to new home buyers.
Since 1995, homeowners have also added 2 trillion to their mortgage debt.
My case and point, they owe more of and own less of their homes than ever before.
This is manufactured by the Fed and Greenspan's last testimony in front of the senate said that these "Andy Jacobs, We've got millions to lend" are ruining the credit system by sucking in those poor victims of refinancing there homes to get some paltry cash to pay off huge credit card debt at the expense of a higher rate.
He offered no answer or remedy for this situation as catastrophic as it is.
I wouldn't even consider buying a home in these turbulent times.JMHO.

Regards TG.
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