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Reply to "Why do people think Boomers had it so good?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I purchased my first home in 1986 with a mortgage rate of 11%.[/quote] For a price that reflected that mortgage rate. You were then able to refinance multiple times; that's how a lot of people created wealth. Meanwhile prices today have not fallen as mortgage rates rose [/quote] It's true-- housing prices today are somewhat divorced from the normal market factors like rates and availability of mortgages. They are based on availability (especially if single family homes) and the desire of sellers to get good ROI. And the latter factor is related to both the low rates of yore (sellers are less motivated to sell due to their own incredibly low rates) and the fact that many family's net worth is heavily invested in real estate. It's an extremely different market in every way from the early 80s and definitely not easier or better fur buyers (except those with a lot of capital).[/quote]
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