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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (21931)	1/21/2005 1:44:11 PM
From: CommanderCricket	Read Replies (3) \| Respond to of 116555

I believe there is truth to the numbers on home ownership. It all depends on where you live. I'll give you an example of my extended family. When I added up the adults, more than half own their homes with no mortgage. How can that be? It's all location, my wife's side of the family lives in Michigan, mostly upper lower penn. All own their homes outright (some own double wides and three were spec built for under $100k 15 - 20 years ago). You can pay cash for a house in the country for what a down payment on the coasts will cost you. My side of the family lives in San Diego, California and all of them are up and over their heads in the mortgage debt. Doesn't matter the age. Some have lots of equity, most don't So next time you fly over on your way to either coast, remember those rural folks down below probably will never lose their homes as they own them. So the count in my extended family 1/3rd own out right, about 1/3rd have low mortgage balances and the rest - the rest in California will never retire..share croppers to BOA Michael