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Sounds like you are still "in the money" with your house if you bought in '98 and you are at '01 prices. people who look at homes they live in to be the piggy bank to retire on are sadly mistaken. On the other hand, you got a nice place to live without putting up with the annoyance of a landlord, a tax writeoff, the opportunity for some small appreciation. This idea of ones home funding their retirement in a new one...and not a very wise one...although some folks are luck into such a situation. Buying a home 18 years before retirement and expecting it to provide a significant amount of retirement is amazing. Perhaps 30 or 40 years might make a bit more sense.
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I can agree with the "in the money" comment but after that the remarks are questionable.
My parents worked hard and eventually purchased a home, one block west of Brand Park, in Glendale, Ca. in the early 60's but before that they purchased their business' in North Hollywood back when vines still lined Magnolia. To make a long story short North Hollywood Redevelopment purchased my parent's propertys, situated near the corner of Lankershim/Magnolia and Union Oil the corner lot. But this wasn't until nearly thirty plus years later. Being a farmer from Iowa and rancher from Montana my parents didn't have much but their land. Through it all they say people get rich and the same people go broke but they always had their land and their value of an honest days work for an honest days pay.
I think jcommin is speaking to the same set of values and attempting to understand the current financial situation and to continue moving toward his retirement goals. What Bush is proposing is perplexing to me as well.
To me the value of learning to deal with the pain is more important than attempting to do stupid things to avoid having to take responsibility. What will the lesson of the bail out be?
I can relate to jcommin as I have similar concerns.