I was listening to a hearing on C-Span a few months back about the state of the economy, one of the surprises to everyone was that in projecting the future it was assumed that there were a lot of baby boomers sitting on a lot of equity, but research proved that WRONG – much to everyone’s dismay was that baby boomers have tapped into their equity as severely as all the population. The forecast for the future state of the economy had been betting on the baby boomers having equity, and that had many of the “experts” at the hearing shaking in their boots.
Anyway, you who are whippersnappers, don’t assume that the baby boomer homeowners are sitting on a pile of equity. I personnally know many who have had to spend the bulk of it helping their adult kids – another trickle down of this insane economy.
