- Dec 30, 2006
Originally posted by: ironwing
Homeownership didn't go up, only homeloanership*. While the nominal rate of home ownership has increased, the rate of equity ownership has declined faster than the nominal ownership rate has risen so more people own less of their homes.Originally posted by: TastesLikeChicken
So you're against minorities owning homes?
Graph through 2003. If I could find equity data for more recent years I'd love to update the graph.
*I just coined that term. Makes you want to punch your monitor, doesn't it?
This is exactly what happened. My son refinanced for 2x what he paid for his house. I to did the same thing.
I advised my son to invest the money . He didn't now he is paying more than he can afford. I invested my loan money . 3 years later I had 4x what I borrowed. Paid off the loan .
On a completely unrelated story my daughter was looking to buy new car . So she asked me what I thought.
I told here to borrow the money from her IRA. The repayment of the loan was @ 8% which she pays to her IRA. So she pays herself the interest . She couldn't believe she could do that . But she could and did. I stepped in once again . Me and wife bought new car . Gave daughter old car . I talked her into buying a stock I thought was going to do well . She bought it . After 3 years she 3x year investment . Plus paid herself interest on the loan . It was a WIN WIN all the way around.