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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Mike Johnston who wrote (45824)10/18/2011 10:17:15 AM
From: bentway1 Recommendation  Read Replies (2) of 119360
 
"rising house prices = wealth creation"

That actually worked great since the end of WWII. Houses appreciated a point or two a year, people paid down their mortgages, and houses were a store of wealth that could be cashed in for old age once the kids had left, or passed down to them.

Where that went south was when houses were pimped as profit centers, with people taking out HELOCS, flipping houses, IB's packaging American mortgages as investments and driving the whole thing from the top. Assisted by AG all the while..
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