Replies

You've been here long enough to know that the post that someone responds to, is at the bottom of the reply. Why don't you know that?

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I never noticed that. It still would be easier to post the comment so I wouldn't have to refer back (smile).
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For the vast majority of people, when they buy a house or co-op/condo, it's to live in; it's their HOME! To view it any other way is really stupid!
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I agree that traditionally homes were viewed as living spaces and an investment in a life style. However in today's credit market people have been "speculating" on their home purchase. Many buyers have capitalized on the availability of cheap money to use equity as a source of income. This has resulted in many "homes" in your definition, becoming speculative investments. If you refinance a home to cash out appreciation that then gets used to put you deeper in debt, but your "home" then appreciates some more and again you refinance, you are speculating that the price will continue to rise. When it finally stops appreciating and in fact depreciates, you are now upside down in your loan with no ability to pay. Many more people are in this position than you might think. Yes indeed, they are stupid, but it doesn't change the facts. Of course this is worse than a bad investment in the stock market because the effects of too much debt have much more disastrous consequences.