Monday, August 28, 2006

quote of the day / zitat des tages

dank ghet an kim und benhttp://thehousingbubbleblog.com/?p=1339

Comment by Kim
2006-08-28 06:42:15

......This is just what some friends of ours did. They have a house in San Diego that they bought many years ago. (They moved to the Seattle area several years ago) Last year they put it on the market and when it did not sell they refinanced and took out as much equity as they could, which I believe was 300-400k, and used the equity to pay the bills they had run up while the husband was establishing a business and this past April the wife told me they were planning to invest in RE here with the remaining money. I told here about the RE bubble, but she said that her husband was also a RE agent (in addition to his Tax accounting business) and he knew all about the RE market. Now they have bought a run down 6 unit building at what we will probably later know as the top of the market here, plus they have their house in San Diego so they are poised to lose everything they gained and then some. Just last week the husband commented to us that they had paid 100K for college for their son and that was why they were invested in RE; because it is the only asset that appreciates enough to pay for the high college costs. I wanted to mention that in that case it was strange that no one used to think of doing that, all my life (I’m 48) until now I have never heard anyone say

I need to buy some RE so that we will have money to pay for our kid’s college expenses,”

but I knew it would’t do any good now since they have already bought so my husband and I just didn’t say a word in reply and the conversation moved on to other subjects.

so weit ist der ständig steigende immibilienpreis schon in gedanken und im handeln verankert gewesen.

jan-martin

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