Q: ?Over the years, we refinanced our home a few times to pay off our credit cards and other debts, but we never actually got ahead. Now we?re faced with selling our home as we?re having a hard time keeping up with our first and second mortgage payments. With the market the way it is, we?re not sure if we?ll break even. What can we do??
A: ?? With over a decade of extremely low mortgage rates and fast-rising home values, many homeowners refinanced their mortgages to access the equity in their homes. Unfortunately, this can work against you if you aren?t living within your means.?
- from ?Evaluate all options before selling your house?, Scott Hannah, The Province, 11 Mar 2013 [hat-tip Alexcanuck]
Savings rates in BC have been negative for years.
The average BC consumer debt is a remarkable $38,837, the highest in the country (up 6.2% in the last year!).
Whether by means of low downpayment or large HELOC, a significant percentage of owners are woefully over leveraged to the RE market.
All of this information represents downside risk for the RE market.
- vreaa
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