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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jason W who wrote (409)	8/28/2001 2:46:49 PM
From: Tradelite	Respond to of 306849

That may be your experience. Not mine. I live and work (not working this year, though, by choice) in a very expensive zip code, so I don't meet many deadbeats or unemployed people, but we're talking only about home-owning baby boomers here, I thought. I've sold homes to and for many boomers----the only one I can recall who sold his house(which he had owned for many years) and walked away with no profits on it was a fellow who had gone into heavy debt to finance his unsuccessful campaign for the U.S. Senate. Have helped some people sell homes on which they took a loss due to a down real estate cycle, but they were either wealthy or had relocation benefits paid by their employers.... and all they wanted was to pay off that expensive mortgage and move on to new jobs in other places---they were happy to sell. Have helped boomers trade up to bigger or nicer homes, but they often paid cash for them---cash they made partly on the sale of their previous home. Also, aren't most of the home-owning baby boomers that you know actually already retired? Are you sure that they are spending all their money on debt payments? Gosh, I don't know how I've done it, but I just graduated one son from college and have another in college (out-of-state tuition payments have been made for both), my mortgage (a 30-year mortgage that was refinanced a long time ago into a 15-year note at 7.25 percent) will be paid up in eight years, and my spouse and I have no debts. We even pay cash for cars....loans cost too much! So, no, I can't point to very many baby boomers who view their homes as a thing to leverage heavily and use as collateral for loans to finance a frivolous lifestyle.