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12/20/2010

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icboy88

Dave, is there any way I could get personal advice from you? My father is currently 92k in debt for a house he recently bought. He plans to pay it all off within 2 years (total 450k). I don't think it'd be a smart play on his part to put that much more money into it at this point in time, especially with all the uncertainty. Is this a smart move? Can you offer any advice?

Dave Cohen

icboy88 --

I'm posting this comment to the public so everybody understands.

I could not possibly give out specific advice to a specific homeowner who is in trouble. There are a hundred details that one would need to know to properly advise that homeowner. For instance, all real estate markets are ultimately local. It comes down to the state, the city, and then the neighborhood. When I report on home prices, I am reporting on national averages affecting the macro-economy, not on specific locales. There's a big difference.

And one would also need to know all sorts of personal stuff about the homeowner's financial position. That's none of my business.

My advice is to find a mortgage counselor on the internet or where you live. Surely there many to choose from at this point. Do not talk to a banker and do not talk to a real estate agent.

Good luck,

-- Dave

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Morocco Bama

I vote the previous comment as best ever. I'll be pondering it for days.

Brian M

"I have decided that I will never again use the word "consumer" without quotation marks."

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R4 DS

There are a hundred details that one would need to know to properly advise that homeowner. For instance, all real estate markets are ultimately local. It comes down to the state, the city.

Pet Supplies

For instance, all real estate markets are ultimately local. It comes down to the state, the city, and then the neighborhood. When I report on home prices, I am reporting on national averages affecting the macro-economy, not on specific locales. There's a big difference.

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