I have an office mate who owns a townhome in Bay Area. He bought it a long time ago but still owes a mortgage payment on it. He wants to buy a $1.3 million home on a interest only loan. He is hoping the Bay Area housing market will appreciate 5% per year for the next 10 years. He is an immigrant turned US citizen. He said that if the market goes south he will just leave USA and return to his native country.
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