Clock is Running Down on 'Cheap' Mortgages

Hearld Tribune.com ^ | 1/ | Michael Pollick

[GOPJ]

We paid off our 15 year fixed last year, and just paid off a small equity line used to build a screened in porch in the back. You are so right about the freedom feeling it has given us. We stayed in this house as our income doubled over the years, avoiding the temptation to "buy up" as we could have as we did better.

You've made good choices - you value what's real over silly illusions. I'm happy for you ...

[baltoga]

Interesting article. For certain interest rates are low and this bring many buyers to the "table", but personal income is lagging property appreciation by significant amounts.

Buyers are willing to be "house poor" as long as the real estate market show double-digit appreciation. However, I liken the market to a pyramid. If you're at the top, things are good, but if you're at the bottom, your gamble is buyers will continue to flock.