Just looking at housing market declines which got me thinking about its effect on people who own their house outright. It seems to make little difference because, as long as the housing market declines across the board, selling your house at a reduced price doesn't matter if the house which replaces it is also reduced.
So, how many people here own their home outright?

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

No and I still owe a good amount on it but I don't plan on moving or cashing out equity so it really doesn't phase me. Even if we did move up, to say a family member's former house, I'd still keep our current one and rent it out.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

My g/f and I bought our house a year ago. We are both 40 so will never own it outright unless we stay in it till were 70. So I look at it as simply renting it from the bank.

- Peter.

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2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

A got a good deal from a Republican with a bad ARM.

Thankfully, I don't owe much on mine. I bought it fifteen years ago for a very good price and it's still worth several times what I paid for it in spite of the curent real estate market. As soon as daughter number two leaves for college, I'm selling it and buying something smaller and easier to keep up.

I used to think all the people who told me I was crazy not to borrow against the equity I have in it were nuts. Turns out I was right, THEY were wrong . . . .

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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Yup and with the recent devaluations it's probably worth about what I purchased it for in '84.

I own my first outright and owe on my second two, which I bought to stay out of volitile stock market investments.

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1982 300CD Turbo (Otis, "ups & downs") parts for sale
2003 TJ with Hemi (to go anywhere, quickly) sold
2001 Excursion Powerstroke (to go dependably)
1970 Mustang 428SCJ (to go fast)
1962 Corvette LS1 (to go in style)
2001 Schwinn Grape Krate 10spd (if all else fails)

Yes, but not the land it sits on....

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Never a dull moment at Berry Hill Farm.

Shouldn't that be "a bad ARrrrrrM"?

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-Marty

1986 300E 220,000 miles+ transmission impossible
(Now waiting under a bridge in order to become one)

Reading your M103 duty cycle:
http://www.peachparts.com/shopforum/showpost.php?p=831799&postcount=13
http://www.peachparts.com/shopforum/showpost.php?p=831807&postcount=14

Still paying, but am above water due to the Pittsburgh area not being affiliated much with the bubble.

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-Marty

1986 300E 220,000 miles+ transmission impossible
(Now waiting under a bridge in order to become one)

Reading your M103 duty cycle:
http://www.peachparts.com/shopforum/showpost.php?p=831799&postcount=13
http://www.peachparts.com/shopforum/showpost.php?p=831807&postcount=14

My wife and I are still paying mortgage payments but we are unaffected by the bubble. Our credit was good enough to take advantage of a great first time home buyers program through NY state and another through our county. Our mortgage is for only 3/4 of the worth of our house at a fixed 4.75% for the life of the loan. The other 1/4 is in the form of a diminishing lien through the county that we will owe nothing on if we live in the house for ten years. We're just about three years into it and thank our lucky stars every day. People thought I was crazy buying my first house at 25 but I'm glad I did it.

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1985 300D - 1984 Euro 280E AMG Clone (SOLD) - 1978 280CE (SOLD) - 1983 300D (SOLD) - 1981 300D (SOLD)

Bought our house in 71 and our business in 84,,, both are paid for. 10 years ago my wife and I said, "once the house and business are paid off, we'll be on easy street." We never saw this train wreck coming, and will be working for a while. The street is not so easy.

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95 SL500 Smoke Silver, Parchment 64K
07 E350 4matic Station Wagon White 34K
02 E320 4Matic Silver/grey 80K
05 F150 Silver 44K

In a couple of years I will.

Right now the bank owns it. Then it will be transferred to me and I can "own" it only so long as I pay the various government taxes. In reality no, I don't own a home. I rent it from the bank and later, from the government.

I was fortunate to get 1/2 of the equity out of my house during the split a year ago. Never have been one to borrow against equity. Got a good bit of cash nowadays and been paying rent for the past year or so. I'm in no rush to buy right now. This is the first time I have not been a home owner since 1985.

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Jim

I own 2. Lucky me

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MBlovr
'59 180 Dad's original
'59 180 Dad's 2nd one
'67 250SE Dad's last one
'59 220 SE My first one
'62 220SE Coupe second one
'89 190E 2.6 5spd third one
'06 E350 4matic (sold)
'10 E350 4matic