<I'm amazed at how many people I know that are taking cash out of their homes in these refi's and it must be to live on.> more and more i yes that is the reason. And to top it off there are refinancing spammers/scammers flooding the e-mail circuit feeding off this desperation for money.
Have heard reports of houses being virtually stolen through the contracts people sign.
There is a lot of fleecing going on in this refinancing boom.
This is just another risky game Greenspan is playing, this is another matter that could be a disaster if housing pricing stalls and then slips, slips even mildly.
There simply is going to be a saturation point for buying homes; and then what???
From a demographic study i read looking into the future the only longterm secure housing market seems to be the retirement home sector(if they be in the right sector). The prediction states the retirement home move will turn more and more to the northern half of the country.gd
p.s. But hey, if people start selling homes more and more to pay for a retirement home, and retirement expenses in general this i feel will lead to a supply glut.
Sorry, but i paint another dark picture.:( gd
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