Just FYI, in case you were thinking of taking out a second mortgage: whatever you do, do not take out a second mortgage. A new report says that nearly 40% of people who took out second mortgages are now "underwater," a fancy real estate term for "broker than broke.":
The finding, in a report to be released Tuesday by real-estate data firm CoreLogic Inc., illustrates the consequences of easy borrowing amid the housing boom's inflated prices. The report says 38% of borrowers who took cash out of their residences using home-equity loans are underwater, or owe more than their home is worth. By contrast, 18% of borrowers who don't have these loans were underwater.
As if one mortgage wasn't enough. This never would have happened if they value of American real estate had just kept on rising upwards forever and ever, like Fannie and Freddie and the U.S. government and the entire financial system of our nation promised. Now your net worth is alarmingly negative! That's what you get for believing everybody who had anything to do with our economy! Try being a little less credulous next time!