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Re: PK on GDP surge - what could a socialist say ?

it's based on the expected future market value of the 
house, which is mostly based on its current market value.

------------------------
Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine




> -----Original Message-----
> From: joanna bujes [mailto:jbujes@xxxxxxxxx]
> Sent: Friday, October 31, 2003 12:42 PM
> To: PEN-L@xxxxxxxxxxxxxxxx
> Subject: Re: [PEN-L] PK on GDP surge - what could a socialist say ?
> 
> 
>  Here's what I'm curious about: I buy a house for 300,000. Within five
> years, the house is valued at 500,000 (not unusual in the Bay 
> area); now
> I re-finance. Is my "collateral" based on the portion of the 300,000 I
> have paid off? Or is it based on the revised market value of 
> the house?
> 
> Joanna
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