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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (451896)1/28/2009 4:45:16 PM
From: tejek  Read Replies (1) of 1575761
 
But, in more normal times, your house would have been appreciating every year as you paid down the principal, growing your wealth. For most Americans in normal economic times, their house has been their financial bedrock. The American home is the basis for the wealth of the American middle class - or was.

Homes in this country have been the bedrock of the middle class only if you stay in that home for 10 years or more. And in some places in this country....primarily the Midwest.....20 or more years is required to make it "bedrock".

Its only in places like CA or NYC or FLA where homes appreciate more quickly.....and you took advantage of it as did I. However, CA is the exception, not the rule.

And in a few years, Ten will have equity in his house once more.......assuming he stays.
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