I must live on a street of wacky rebels because most people here who have very substantial equity due to the increased value of their homes have not refinanced to support a new type of lifestyle. A physician friend recently treated himself to a BMW for his 50th b day but I dont think there is a single benz or hummer on the street of a few dozen homes. In fact, there are many with loan balanced that represent 70% or better LTV’s based upon purchase prices several years ago and now represent LTV’s below 30%.
