Quote:
Originally Posted by timun
I've noticed people are still eager to take on huge mortgages, because they feel if they don't get into the housing market the property values will continue to inflate faster than they can save. Even though they'll be house-poor in the short term they feel a measure of relief if they qualify for the financing with interest rates such as they are, because they think they'll be in better shape five years from now predicated on the assumption interest rates drop.
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In 1980 my house was worth $ 220,000. and in 1983 its value was $ 140,000. after the NEP. I believe in the long run it's the patient investor that does best. Timing is everything.