50-year mortgages may not be golden

http://www.msnbc.msn.com/id/13187964/ ^ | 6-7-06 | Gayle B. Ronan

[MineralMan]

"Could the issue in the case you cite have to do with taxes?"

Not really. Taxes in Saint Paul are about the same as they are in the suburbs, except that the houses are less expensive, so my taxes are lower than my wife's cousin's, who lives in a house almost exactly the same size as hours, and built only 5 years later. It's not taxes.

[irishjuggler]

Don't the Japanese have 100 year mortgages?

Yep, they debuted in Japan in 1990 at the height of their real estate bubble. A year or two later, their housing market began a decade-long crash (i.e., a 70% decline).