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To: Ron McKinnon who wrote (48571)	6/11/2003 9:13:21 AM
From: John Carragher	Read Replies (1) \| Respond to of 53068

home prices will most likely dropped if rates go up... people buying houses do not look at the price of the house only monthly payment... How much can I afford .. then go look for it.. If rates go up..existing homes will not sell at todays prices if demand cannot afford the monthly payments.. It may take a few moves in interest rates..I doubt Greenspan wants this to happen... I remember buying down in one move and not being able to qualify for a loan as rates where so high the monthly payment drove me out of that price market.. I had to get the controller of the company to give the banker a reality check and I got the loan... g