” The long-term problem is that tens of millions of baby boomers are approaching retirement with relatively little equity in their homes and almost no assets outside of their homes. Their retirement income will be almost entirely dependent on Social Security. ”
I believe that easy credit is changing how we look at asset purchases. As car dealers would tell you, most drivers now look at car in terms of the monthly payments they can afford and not the purchase price of vehicles. We’re getting to that same situation with housing. People say, well my rent is $1500/mo if I can buy for $1,500/mo, I’ll do it without thinking of the long term consequences.
