[quote=scaredycat]Why is a paid off house security. If it were then those who inherit them would tend to keep them rather than liquidate[/quote]
Not everyone liquidates. I have a girlfriend who has inherited her dad’s houses. It was left to her and her sister. She’s taking a little loan on it to buy her sister out who is married w/her own house.
That could be why some sell. They have houses of their own already and end up selling so as to get money for the house they have.
Anyway, my friend was a renter. She did not want to sell to buy a new place. Her dad’s place was purchased long ago and paid off under very low property taxes thanks to Prop 13.
