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Old 12-24-2009, 10:20 AM
 
29,988 posts, read 35,072,408 times
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Quote:
Originally Posted by akck View Post
Just go to the Oregon board and do a search. You'll find a lot of posts about Californians moving in and driving up prices.
Yah we did it to North Carolina also. It is worthy of a thread of its own. I may start one.
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Old 12-25-2009, 10:28 AM
 
Location: Great State of Texas
86,093 posts, read 72,883,108 times
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Quote:
Originally Posted by TuborgP View Post
Yah we did it to North Carolina also. It is worthy of a thread of its own. I may start one.
Also happening in Texas in the big cities.
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Old 01-02-2010, 01:43 PM
 
501 posts, read 1,116,863 times
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Years ago, we were "lucky" enough to buy our first home with "only" a 1st with 12% interest on an ARM, and 14% on the second mortgage, because others were paying much more than that. I am not certain why people think the Fed is capable of keeping rates this low indefinitely - never happened before, isn't going to happen now. They are not magicians and are about out of options for this go around.

I think there are great arguments on both sides of the coin on this issue, depending on where you are in life right now, and what your general perspective is on the economy. At one point we took out equity from one home and used it to invest elsewhere at a much higher return. DH favored that route; I didn't like it and wanted my home paid off, and eventually I stopped the game and paid it off. Told dh if he found that he missed the mortgage or the return on the equity, he was free to get another mortgage in the future. Turned out he very much liked not having a mortgage So I have done both, and for me, earning a bit more coin doesn't compare to the feeling I get from knowing that no stranger (the bank) actually owns my home, esp during a bad economic time.

I remember how wierd it was to finally get to a point where my concern was no longer how to grow my finances; rather how to preserve what I had for the long run. Much like mathjak stated so perfectly - we won, so why should we still play the game? We've done quite a bit of investing in various things in our time, but like others have said, we are at the point of caring not about becoming rich, but about how to not become poorer over the long haul.

We call ourselves semi-retired; we still do some business and projects, we still live on the ranch feeding our livestock year round (as I saw that someone else does as well!), we wake up each day with no debt and if we want, we work. Or if we wish to strike out on an adventure, we do so. Ride a horse, take a hike, fish, camp, or throw ourselves into a project for some profit and excitement.

But we don't wake up in a cold sweat over some ordinary life event causing us to be tossed out of our home. Sure, it can still happen, but by paying off the mortgage we've greatly reduced the number of events that could end up making us homeless in our old age. And that makes us sleep well, and enjoy more, and worry less each day.
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