Thursday, November 15, 2007

(MSP Airport) Some of the Rich are More Like You and Me Than They May Want You to Think

by Tom Bozzo

While we're All Calculated Risk, All The Time here, the Census data here on percentages of owner-occupied houses with mortgages by housing value are pretty interesting. If you wonder where people get the money for expensive housing, just keep in mind that houses worth more than $500,000 are a bit more likely than average to be mortgaged — about 76% vs. 68% overall. In some parts of the world, the mortgages probably aren't just to pay for the last kitchen remodel, either.

Now, I wonder if the Minneapolis-area luxury housing rags still carry as many ads hawking LIBOR interest-only ARMs as they used to...

(Later, maybe: blogging, or not blogging, from a New State!)

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Have fun. Went whitewater rafting there once; Tiananmen Square occurred concurrently.

Trust you will prove correlation is not causation.
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