Friday, Jul 07, 2006
Why housing wealth is an illusion
MoneyWeek: Why housing wealth is an illusion
What some homeowners seem to have difficulty realising is that equity in your house isn’t anything like cash in the bank. The ‘equity’ is based on an estimate of a value which may or may not be accurate. The only way you can find out how much equity is actually in your house is to sell it.
Posted by Mary @ 10:56 AM (177 views) Add Comment
2 Comments
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1. sebastian said...
Heh, try telling any homeowner or BTL investor that the money they are withdrawing against their house isn't their own..People actually do believe they are richer when they hear of house price rises.
2. Retiredbanker said...
We are all would be entrepreneurs these days, hoping to get rich quick without actually doing any real work.
I suppose the upper classes have always tended to be like this, but the problems start when everyone wants
to jump on the gravy-train.
It has to end in tears!