Tuesday, August 16, 2005
MSNBC.COM -- Nearly 50% of all home purchases in California in the past year have been interest-only loans. That does not bode well. We know there's a lot of flipping going on, but statistically, we have to know quite a few people who have purchased using interest-only. One of them is Lori's dad who plans to sell in a few years and use the appreciation to retire somewhere cheaper. Sadly, he's in one of the six metropolitan areas identified as having a 50-50 chance of enduring a drop in home prices in the next two years. But others who may have done this could be our age, which is kind of scary. Thankfully, most of our house-debt is in a 30-year fixed so every month $20 or $30 of that payment is coming right back to us. Woo.
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