Flip This Economy

The data let us see that the growth of house prices in the first half of the aughts was closely associated with a sharp rise in the number of people owning multiple homes. In 2000, only 20 percent of mortgages were going to multiple mortgage holders and 75 percent of those were for second houses. By 2006, 35 percent of mortgages were multiples and more than 5 percent of all loans were going to people with four or more mortgages. What?s more, the trend was especially pronounced in what we now know to have been the prime bubble states of California, Florida, and Nevada. By 2006, at least 25 percent of mortgages in these states were going to people who already owned one home, and a further 20 percent went to people with at least two.

Source: http://feeds.slate.com/click.phdo?i=f2101dd35aa45973eb1a4ad3f64e6784

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