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Politics : Stockman Scott's Political Debate Porch
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To: surfbaron who wrote (4315)8/11/2002 11:58:32 AM
From: Jim Willie CB  Read Replies (1) of 89467
 
all financial assets supported by debt will be hurt
that includes real estate
obviously, if you are 70 yrs old, own outright, nobody will force your sale
but that does not protect you from a 30% slice in property value
mortgage paper underpins property value
Weldon expects a sudden and sweeping decline in RE prices

then enters the Federal Reserve
with desperate measures to reflate
but the money will seek out two things
- path of least resistance
- opportunity for appreciation

THAT IS COMMODITIES
watch the dollar closely
it is about done with its correction
the biggest surprise will be the rise of the JYen
that will hurt their economy
but the rising local prices might encourage citizens to spend finally

if you insisted on holding firm with your present house, I would consider refi with zero closecosts, maybe putting more money into equity thus borrowing less, but BE SURE to hold plenty of cash
a big storm is coming
/ jim
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