The value of their homes is a major point of pride for many owners, who use the figure to prop up their net worth and justify the money they've poured into their dwellings. When the price declines, as it has been doing for most homeowners for years, they tend to overlook the positive side of the drop — one that affects them more immediately.
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Well, I have leveraged the equity in my home to get my rental business started so my home being worth less means I likely will have to wait to invest in another rental.
ReplyDeleteI know there's different ways of looking at things but this article is just not quite accurate.
ReplyDeleteYes, the value of our homes has dropped but how many of us have seen a decrease in taxes, or insurance for that matter?
You won't, unless the area you live in does reassessments. Most of the time, that's only done every 5 to 10 years or so. That's a long time before you see that reduction so I'd say it makes this article invalid. Sometimes that site (Consumerist)is just way out there.