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Real Estate
Reply to "Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes."
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[quote=Anonymous]This guy seems to be pushing the argument that higher rates decrease the value of financial assets. This is true. In fact higher rates have decreased the value of my mortgage to the mortgage holder dramatically. But I'm not the mortgage holder, and I'm paying a devalued mortgage back in rapidly devaluing dollars. I'm winning bigly as the debtor. Houses are not financial assets like bonds... so they don't react quite the same way to rate changes. We can see that already in nominal housing price stability despite falling demand and rates that have more than doubled. House prices are adjusting down in real terms and will continue to do so for years, but that is meaningless to me as someone with a fixed rate mortgage.[/quote]
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