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To: Dr. Jeff who wrote (180778)	7/17/2002 1:07:53 PM
From: stockman_scott	Respond to of 436258

No, Mr. Chairman… cornerstoneri.com

To: Dr. Jeff who wrote (180778)	7/17/2002 1:55:48 PM
From: Les H	Read Replies (3) \| Respond to of 436258

The Mortgage Bankers Association of America on Friday reported the volume of mortgages taken to buy homes is on track to reach nearly $1 trillion this year, an all-time record. The total is expected to reach $989 billion by year’s end, up from $873 billion last year. People are spending money on real estate like never before. In addition, mortgage refinancing continues at a brisk pace, with average refinancing loan levels reaching a record of $215,000, up from $173,600. The bankers association attributes much of that activity to homeowners refinancing their houses to extract their equity to spend on other things. Last week, the Wall Street Journal suggested we may be witnessing a real estate bubble not unlike what we saw with the stock markets, with property values being bid up to unrealistic levels. montanaforum.com