A Homeowner from Florida and his view of the Housing market
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A Homeowner from Florida and his view of the Housing market
A letter from Emmanuel...
One of the reasons I appreciated your show so much was that I was one of the "tech wreck" folks... $3 million in stock options that became worthless when the NASDAQ slid in '99-'00... I was lucky to walk away with a couple thousand (not million) dollars by the time I could excercise and sell them. You were a lone voice of reason then.
Your advice way back then on interest rates falling was dead on too. Its that ability to understand how things will play out that made the difference between your show and the others. So many others (take Kaltbaum for instance) are "always right"... sure they are, they only look back and interpret the past. In that context, I am right too 100% of the time.
The layman like myself sees financial clouds and knows not whether if it means rain, storm, or hurricane. After 2 years of reading about history and economics, at least now the clouds are visible.
Today I see most people I know re-financing, but they are not content to be satisfied with the lower rates. They are all taking out equity. ALL of them. some of whom had only 20% left on their mortgages now owe 80%-95% of the new market value, for 30 years... they are all starting over.
That's scary... but not the scariest part: They are ALL cashing out so that they will "have some cash in the bank". Yup, they are all borrowing to have a rainy day fund in the bank. Completely nonsensical... but it's rampant. People are worried enough to want money in the bank that bad in case of "bad times", but not worried enough to earn that money instead of borrow it. What ever happened to retiring your debt to prepare for "bad times"?
That's the reason I am getting antsy as a homeowner with a 2-year-old home on the water, whose price is moving up fast. There must be an end to this madness... and what should someone (like me) who is not mad do now to prepare?
I didn't mean to take up your time.. just tought I'd give you some perspective on why I appreciated your show, and what anxieties a lot of middle-aged, middle-class folks here in Florida are facing. I hope this email found you and your loved ones healthy and prosperous.
Be well,
EK
By: Emmanuel
One of the reasons I appreciated your show so much was that I was one of the "tech wreck" folks... $3 million in stock options that became worthless when the NASDAQ slid in '99-'00... I was lucky to walk away with a couple thousand (not million) dollars by the time I could excercise and sell them. You were a lone voice of reason then.
Your advice way back then on interest rates falling was dead on too. Its that ability to understand how things will play out that made the difference between your show and the others. So many others (take Kaltbaum for instance) are "always right"... sure they are, they only look back and interpret the past. In that context, I am right too 100% of the time.
The layman like myself sees financial clouds and knows not whether if it means rain, storm, or hurricane. After 2 years of reading about history and economics, at least now the clouds are visible.
Today I see most people I know re-financing, but they are not content to be satisfied with the lower rates. They are all taking out equity. ALL of them. some of whom had only 20% left on their mortgages now owe 80%-95% of the new market value, for 30 years... they are all starting over.
That's scary... but not the scariest part: They are ALL cashing out so that they will "have some cash in the bank". Yup, they are all borrowing to have a rainy day fund in the bank. Completely nonsensical... but it's rampant. People are worried enough to want money in the bank that bad in case of "bad times", but not worried enough to earn that money instead of borrow it. What ever happened to retiring your debt to prepare for "bad times"?
That's the reason I am getting antsy as a homeowner with a 2-year-old home on the water, whose price is moving up fast. There must be an end to this madness... and what should someone (like me) who is not mad do now to prepare?
I didn't mean to take up your time.. just tought I'd give you some perspective on why I appreciated your show, and what anxieties a lot of middle-aged, middle-class folks here in Florida are facing. I hope this email found you and your loved ones healthy and prosperous.
Be well,
EK
By: Emmanuel
Surfer
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