The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: TH who wrote (26071)	12/16/2004 5:06:05 PM
From: flint	Read Replies (2) of 306849

I've lived in Grand Rapids Michigan for a while. Wind sheilds, Auto parts and Chasis are the core of that economy. The culture on debt is very different in Michigan than in most of America. People live in fear of debt and unemployment. They were brought up to pay down their debts fast. Did not know anyone with a thirty year mortgage. Everybody buys with a 15 year mortgage. And the turn over is much lower. Most people have lived in their homes for at least ten years. Not only do they have large equity built up, but if people refuse to borrow money to buy a house. The housing bubble has no money in it to inflate the values. In Grand Rapids Michigan a $80,000 victorian house is in the excat same neighborhood and condition as a $1.5 million dollar house in Washington DC (remove borrow money from the buying abilities and that house in DC would sell for $80,000). These people can stay in their $80,000 house with $70,000 equity and survive on unemployment benifits of $350 per week. Moving to DC for work might not be possible for most of them. Flint

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