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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Roads End who wrote (263603)7/23/2010 4:05:51 PM
From: neolibRead Replies (2) of 306849
 
Auto financing screamed bloody murder but managed to live on till it crashed right along with interest deduction subsidized housing

Thats because autos were still financed with tax deductions. It was called the HELOC. It allowed all consumer debt to be tax deductible, assuming the consumer "owned" a home. In fact, in the case of one of my wife's siblings, HELOC'ing the house for a couple of vehicles (Lexus SUV, Dodge RAM & camper) was likely the cause of her losing her house in foreclosure. She & her husband had a nice little racket going of remodeling and expanding their home, refinancing (cash out) each time then getting reappraised after the expansion and crowing about their ever increasing property value and how it "paid" for all their toys. Didn't crow about the debt, and eventually it caught up with them. Lexus & Camper now gone, along with the house.
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