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well $900K implies a mtge payment of approx 10% or $90,000 per year
therfore an income requirement of 90,000 divided by ? say 40%, or $200,000
then perhaps a signicant portion is debt. that 20% will wipe some serious
equity.
but who cares about equity! here in texas the advertisers are pushing home
equity loans to pay off credit card debts - convert your secured assets into
consumption. "Trade your house for a new Hummer"
i wouldn't want to be the banker foreclosing on family homes
----- Original Message -----
From: "mr.ira" <mr.ira@xxxxxxxxxxxxx>
To: "real traders" <realtraders@xxxxxxxxxxxxxxx>
Cc: <NQoos@xxxxxxxxxxxxxxx>
Sent: Saturday, July 24, 2004 18:14
Subject: [RT]
The housing boom must be near an end. There was an article in today's paper
about people lined up 2 days in advance, living in their cars, in order to
buy homes that start at $900,000. The average price of homes here is going
up about $3000 per week. Last week the average price was $500,000, today it
is $503,000.
The housing market here is like the stock market in 1999 and 2000. I don't
think the housing market will fall to the same degree as the stock market
did, but a 20% drop will hurt a lot of people. It will also reflect upon
some commodities, housing stocks and housing related stocks.
Of course there is no inflation. Just ask the government.
Have a good week end. Ira.
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