I have an ARM, and will have it for another year and a half at a ridiculously cheap rate. After that, it will still be below the current 30 year rate.
Yeah, yeah, rates are going to go up...but maybe they are not. Not many people predicted that rates would fall over the past 5-10 years. yet they did. Now all we hear is that rates are going up, up, up..... I tend to think rates will stabilize.
Ben Bernanke has commented on the "global savings glut". Too much idle money sitting around doing...nothing. Excess money tends to lower interest rates and even leads to deflation. So, I ain't buying the bunker just yet.
Click the link below to read and/or view an exclusive BBC report on organized criminal activities by real estate agents in Britain. This was an undercover report. BBC reporters went in with hidden cameras. See real estate agents lie, forge signatures, obtain false passports, and in general behave in typical way people do when their primary motivation is money. The U.K. also has bubble woes.
Excess greed inflated the housing bubble. Public disclosure of illegal activities by realtors and mortgage brokers may even cause the bubble to explode.
I believe that NBC, CBS, CNN and even FOX News will be required to do this type of investigation. Sooner rather than later. Otherwise, they will be condemned as cowards.