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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (45050)	1/30/1999 1:19:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

CB, some won't . For the first time in history non mortgage consumer debt exceeds household mortgage debt. debt as a % of income is at record highs.There is a limit as to how much home equity you can tap into. Two points about consumer debt - interest rate is higher and common sense tells me there is a greater propensity to default. When your house has negative equity - it still gives you shelter but when you max out on your credit cards you can't spend anymore anyhow and you get to keep the stuff that you bought on credit- except cars. Of course you can keep you car in your neighbors garage to hide it from the repo man. -g- Mike

To: Ilaine who wrote (45050)	1/30/1999 1:47:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 132070

CB: the housing market and job market is as bizarre as the stock market in silly valley. I have a lovely older house, about 1400 sq ft, vaulted ceilings and fireplace, the lot is smallish but there's a big deck onto the city park, there's a nice pool and all kinds of sports courts and community center maintained by the city. And I'm walking distance from 250 corporate headquarters, a few malls and a community college. I can still find houses in this tract for 250K, after-tax for an engineer that's equal to $800 a month rent. People are paying fantastic premiums for "new" and they will pay $750,000 for a house in a school district where the SAT scores are 20 points higher or $2400 a month rent for new apartment.