Anybody listening to "Ring of Fire" on AAR? Talking about home-ownership

LittleApple81

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Sat Jun-19-04 09:54 AM
Original message

Anybody listening to "Ring of Fire" on AAR? Talking about home-ownership

fraud. Example of what happened in the Poconos. Interesting. 10:54 a.m.

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LittleApple81

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Sat Jun-19-04 09:55 AM
Response to Original message

1. Home ownership bubble. Getting second mortages: thinking

that value of the home is what you get for the loan. The rate of foreclusures in US has ballooned in the last few years? I didn't know that.

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mistertrickster

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Sat Jun-19-04 09:59 AM
Response to Reply #1

2. 2nd mortgage . . . I always wondered, if you can't afford to pay off

the first one, why would you go out and get a second one?

People willingly put their wrists into golden handcuffs.

Spend less and live more richly.

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TNDemo

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Sat Jun-19-04 10:08 AM
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3. I want to know why there are so few houses for sale.

There is such a small inventory around here. I hear it is that way in other places. We have looked every single day for the last year, get the early listings, etc. A real estate agent told me that there are 1,000 less homes on the market this year than last year. Usually my subdivision has signs all over this time of year and now there is virtually nothing. Why is that happening? Did everyone refinance to a lower rate and decide to stay where they are? Is no one moving up or getting transferred?

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LittleApple81

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Sat Jun-19-04 10:13 AM
Response to Reply #3

4. Good question. Maybe somebody in DU has the answer?

But I wonder something: my house is paid off. If I were to get a mortage and spend the money, I cannot afford to sell it because I used up all my equity.

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