"I got a bit nosy yesterday and checked the online land registration office for about 10 properties of friends, acquaintances and relatives."

Debtisslavery at greaterfool.ca 6 Nov 2010 12.40pm – “I got a bit nosy yesterday and checked the land registration office online for my province. One can find out if there is a mortgage on any property, for a small fee.
So I checked out about 10 properties of friends, acquaintances and relatives.
I couldn’t believe what I saw. Between the start of the housing boom and now, people have gone hog wild. People who you would not believe could do it, in fact, did it.
And no, I don’t believe these people had tax purposes and investment strategies in mind. Consumption is what they had in mind.
75 year-olds have taken a $70,000 mortgage on their modest semi-detached; 40-something high flying government employees mortgaged $400,000 for a house paid $350,000; a boomer mortgaged $150,000 on a townhouse she bought for $75,000 15 years ago; pre-boomers took a $125,000 mortgage on their modest detached house; a 60-something law professional signed for a half-million $ loan; a career-oriented, no-nonsense individual has now a $175,000 mortgage on a home bought for $160,000 with a $122,000 mortgage 5 years ago; a 40 something couple refinanced 3 times and could barely recoup anything if they had to sell now.
Real estate is the fastest way to impoverishment for a lot of people. Had these people sold their houses, took their equity and burned it, they would have been ahead. Tough times are coming. There is going to be carnage in real estate.”