I recently read that experts say that a person's primary residence accounts for over 50% of their property and financial "savings" for owners in their 60's.

Today, that can be a scary prospect.
Everyday, we have been hearing about the troubled times our country is facing. The government takeover of Fannie Mae and Freddie Mac. Then the fall of Lehman Brothers, Merrill Lynch, AIG and WaMu, what or who will be next? The government is trying to come up with a plan to help bail us out. No one knows what lies ahead.
Remember the tech stock market? All of those companies values were based on over inflated numbers on botched balance sheets. Those were never true values, except to the people that sold during that time and walked away with a pocket full of money. Then the bubble burst.
Then came the real estate bubble. Was that any different than the stock market bubble? I think not. Weren't the values of homes at the peak of the market in 2005 based strictly on over inflated values on f paper? The only owners that truly reaped their wealth were those that cashed in and sold their homes during that peak in the market. Those that didn't sell gained nothing, except maybe higher taxes and insurance premiums.
Many of those that bought, got stuck.
So, if it's true that 50% of an owner's financial "savings" is found in their primary residence, and our real estate market is going through a time of correction in certain parts of the country, an owners wealth may be dwindling down to nothing (if they aren't already upside down or going into foreclosure).
These are scary statistics in today's uncertain times.
Visit my website at www.SandyShoresMelbourne.com



Well, here I am again, bragging about our great Brevard County Florida Schools.