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Damn near everyone in the nation who was considering (and able to) buy a home has bought one, and damn near everyone who had a single home with equity has refinanced OR they have sold their home and more often than not -- swapped it for a bigger one -- and bigger mortgage. In fact, some real estate investment "loopholes" actually encourage this.
Now shortly before the fed raised interest rates, Greenspan was pushing ARM's.
You do the math.
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