"This is the best time in fifty years to buy a home. If you don't own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home," said John Paulson last month.
Two friends who work in finance emailed this to me, and after reading it several times, I asked, 'Who is John Paulson?'
According to the Wall Street Journal Paulson is:
a hedge fund tycoon who made his name, and a fortune, betting against subprime mortgages when no one else even knew what they were.
According to Forbes John Paulson is:a multibillionaire hedge fund operator and the investment genius who made a fortune going short subprime mortgages a few years ago.
The Wall Street Journal agrees with Paulson: Ignore the critics. The odds have to be on his side…Right now you can borrow for 30 years at around 4.3%. After the mortgage tax deduction, for some people the net effective interest rate is nearer to 3%. That’s going to prove an awesome deal if we see inflation again.
And Forbes said:
As this is the best time in 50 years to buy homes, Paulson advised his listeners to take 30 year mortgages to buy a home as “your debt and interest payments get locked in at record lows, while the price of your home will rise.”
With interest rates the lowest they have been in a generation, if you are considering buying a home, or two, why wait?
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