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now that's ridiculous
May. 27th, 2005 01:35 amCover story in the local paper....
About 50% of mortgage loans around here are now "interest only".
Interest only, means you never pay off the property, it's like an expensive rental you have to maintain...
oh, except since property values keep going up you will eventually get some equity,
but if they do go down, you will owe more than the place is worth.
Many rental vacancies. All but one of the apts in my building have turned over in the last 14 months, some of them more than once, usually with a 3 month vacancy period between.
This does not seem stable.
About 50% of mortgage loans around here are now "interest only".
Interest only, means you never pay off the property, it's like an expensive rental you have to maintain...
oh, except since property values keep going up you will eventually get some equity,
but if they do go down, you will owe more than the place is worth.
Many rental vacancies. All but one of the apts in my building have turned over in the last 14 months, some of them more than once, usually with a 3 month vacancy period between.
This does not seem stable.
