This site is about the overreaching political power of the NC Association of Realtors flush with money from cashing in your equity 6% at a time, leaving you to pay for growth with property taxes, year after year, with or without cash flow. In the last few years NCAR has pumped millions of dollars into NC political campaigns at the state and local level. They have spent millions more to defeat Local Options for Local Governments with misleading ads.

Monday, July 2, 2007

Assets - Liabilities = Equity

The NC Realtors make a big deal about equity but never tell the whole story. In business, assets minus liabilities equals equity. Home equity is misleadingly described as home value minus mortgage debt and never includes all liabilities. The true cost of home ownership is greater than the numbers on a closing statement and include liability for public services like schools, sewer, water and emergency services. The NC Realtors are desparate to keep liabilities off the closing statement to promote a false sense of affordability, much like the sub-prime lending market has massaged loan documents to hide the true costs of home ownership.

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