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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Carl Worth who wrote (20976)	3/27/2005 7:05:33 PM
From: LauA	Read Replies (1) \| Respond to of 78955

Help me out: what is PMI? I can tell you (because I spent several hours in my County Hall of Records snooping) that the majority my neighbors refinanced with some 30 year, a few 15 year, and many 7+1's and 5+1's. They were uniformly 80% of market rate (ie a multiple of original cost). Nearly all added a kicker of a 10% home equity loan. Some did 20%. They drive new cars. They outsource their yard work. There's a spate of porticos, fountains, fences, garages, additions, etc. This phenomenon isn't just speculation in 'hot' markets. For the last couple of years these folks have been doing wheelies. I hope that you are correct about the stability and durability of real estate, because if a 20% down draft occurs at an inconvenient time, they won't have a skin in the game. And maybe I'll learn taxidermy. Lau