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

To: GraceZ who wrote (27835)	3/5/2005 7:21:47 PM
From: Elroy Jetson	Respond to of 306849

"For every complex problem, there is a solution that is simple, neat, and wrong." H. L. Mencken These wrong-headed "solutions" are the stock-in-trade of demagogues like Ronald Reagan and Currency Cranks like Milton Friedman. Our current President has provided a banquet of simple and wrong solutions ranging from government debt funded Individual Margin Accounts for Social Security to the expensive invasion of nations for imaginary reasons. Their specious arguments find a strong emotional appeal among the simple-minded and the uneducated. .

To: GraceZ who wrote (27835)	3/6/2005 7:12:11 AM
From: Amy J	Read Replies (1) \| Respond to of 306849

Grace, "the recent refinancing boom stripped $458 billion in equity from U.S. houses between 2001 and 2004. More than three-fourths of those who refinanced used their funds to cover living and medical expenses, education costs, vehicle purchases or to pay off credit cards." deseretnews.com In fact, Legas sees no real reason why anyone would want to build equity in a house. "Traditionally, fewer than 5 percent of homeowners pay off their mortgage," Legas said. ---------------------------------------------------- It sounds like the majority of the refi people (3/4th) are spending their money on expenses rather than saving the money. Regards, Amy J