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

To: bentway who wrote (177198)	1/15/2009 12:43:48 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

My income was tax free, the last time I sold my primary residence and didn't "replace" it. So you did what everyone else supposedly did, lived off your RE equity gains for the past five-six years. You only made one mistake, you lived off realized gains instead of simply doing what other Americans did, stay in the house, drawing out equity by doing a cash out refi. If you'd done that not only would the gains have been tax free but you'd now be eligible for being bailed out. You could claim you were a victim of greedy bankers and you'd get to keep the house along with the gains. Hey, I'm in the same boat. Not only did we realize RE gains, we paid considerable taxes on the gains and then to add insult to injury we paid off our primary mortgage making us completely ineligible for any kind of Federal largess. I'm liable for the bill! My friends and family members who ran up their mortgage debt to unsustainable levels are now on line to receive yet another windfall financed via Fed and fiscal policy. </sarcasm>