Fewer Elderly Paying Off Mortgages

The L.A.Times reports:

Welcome to a new era in home borrowing, where long-term mortgages and home equity loans are taking their place alongside AARP cards and pension checks as never before. About 25% of all Americans over age 65 have yet to pay off their home loans, up from 11% in 1983, according to a Boston College analysis of Federal Reserve Board data.

That's a rather big jump.This could be another element in pushing more supply on the market.When some seniors can no longer afford expensive parts of the country there could be a giant increase in sales.