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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (86969)8/24/2007 6:20:25 PM
From: GraceZRead Replies (6) of 306849
 
much of the consumer 'fuel' has been 'house as ATM' for a number of years

Why is it that not one person on SI admits that they've used their house as an ATM in the last five years yet it seems almost everyone here is convinced everyone else is doing this?

Back when I was complaining that my husband wanted us to pay off our mortgage, I was inundated with people who claimed to have no mortgage. Not only that, I made the same complaint at a family party and at least ten family members chimed in to say they had no mortgage either.

I capitulated and we paid it off, not because it made economic sense but because, I'm sure others will agreed, that no amount of money can take the place of getting along with your spouse.

At this point, you can get a better deal using your credit cards and car loans than you get borrowing from a HELOC. So it makes sense that people have gone back to using more traditional methods of financing large purchases.
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