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

To: Mr. Sunshine who wrote (11429)	7/1/2003 11:41:51 PM
From: GraceZ	Respond to of 306849

What is funny is how low total debt service was in 1993-94 and back then nobody wanted to buy real estate around here and interest rates were low, 7%. Everyone thought I was nuts when I bought this house, the first thing they asked was, "How are you going to sell your other house?" The house I live in now sat on the market for almost two years, empty, before I bought it. Now everyone I know asks me how in the world I got such a great deal. It would be comical if it weren't so sad. The best time to buy a house is when nobody wants one. If you are wondering why the figures are so low in comparison to where you live and work, you have to remember that about 35% of the houses in the US are owned outright with no mortgage at all. Then another 20-25% have mortgages under 20% of the value which means they are very low payments because they've been around so long. It's really a small percentage of houses that have the bulk of the mortgage loans in dollar amounts even though the figures say we only have 52% equity, the majority has far more equity in their house than that and a smaller minority has a whole lot less equity than 52% (your customers I guess).