The logic is being able to sleep at night knowing you don't owe anyone any money if something happens to you or your spouse.
I am a mortgage broker, and I own my primary residence free and clear.
There was greed all over the country, but I was even more shocked in 2002 when I came to SoWal looking for property for long term investment and for eventual primary housing.
I had SELLING agents tell me they could re-list a property even before I closed for a substantial amount more than what I paid.
I asked them what the little old lady might think who trusted them with them listing who was supposed to get the highest and best price. I personally looked at many beach communities along the East coast and never saw anything as drastic like what was going on in Florida and Nevada. No ffense to realtors on this Board, I am sure you're still in the biz for a good reason.
My husband called it capitalism. To me capitalism has a more defined definition.
Shelly's opinions may be a little extreme at times, but I think "it" is right on the money right now. Economics is NOT an exact science and everyone is entitled to their opinions, but don't knock someone who has taken the time to explain basic economic principles on these threads by asking them to be more specific?
I am only having fun with Shelly. I loved the book "Rich Dad, Poor Dad" but I did not agree with what he said about home ownership. We should all strive to pay off off our home(IMO). The author disagrees with that theory. I also agree with Shelly the majority of the time. I disagree with her in some "areas" of Real Estate. Some areas are going to be fine.