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Politics : Politics for Pros- moderated
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To: John Carragher who wrote (232480)12/24/2007 8:59:53 AM
From: quehubo  Read Replies (3) of 794399
 
Your age is showing. I see many houses in my neighborhood bought by people who could not afford them. Once the tax bills arrived and ARM's kicked in many homes went on the market. There are many still on the market.

Now I dont plan on moving any time soon and I would never use my home as a ATM. I am not hurting for cash. But if my home was going up 10% a year, year after year I might be a little freer with cash for things like fancy vacations, etc.

I know of many people who make $75-100K a year and who used their homes as ATM's. They also use revolving credit to the max and used their homes to knock these cards down so they could be loaded up again.

My point is the average joe may have full charge cards a home equity loan and he is looking at either a loss of income or this loss along with a decline in home value.

You may be surprised at how financially reckless and clueless many people are.

How the housing market effects you of course depends on what markets you are moving between.
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