Has the bubble burst?

News and Review ^ | Sep 21 06 | Sasha Abramsky

[nmh]

Yes, it's always someone else's fault.

Never the buyer. I suppose it is assumed they are terminally dumb and too lazy to read the FINE PRINT.

[nickcarraway]

I for, one, think the supposed crash is exaggerated.

[stephenjohnbanker]

Don't waste your time : )

[Petronski]

Well, the finance companies can be unsrupulous and the borrower can be stupid at the same time.

There are still basic disclosure documents required by federal law, and in a refinance, a non-waivable three-day right of recission.

What else shall the government be required to do to save willfully-ignorant consumers from themselves?

[Lakeshark]

You've been posting this crap for waaaay too long.

Good grief, the "housing bubble" has been there for 5 years according to you and yours.....

Maybe you should be a reverse indicator.

[nopardons]

It's an article written with an agenda. It's no better than the stuff written about the "HOMELESS" every time we have a GOP president.

No, "a lot of people" didn't do this; just idiots. The writer blames EVERYONE and EVERYTHING but the real culprits...the couple that did this to themselves.

[Howlin]

I thought so.

[churchillbuff]

I for, one, think the supposed crash is exaggerated."""

Looked at from a ten-year perspective, you're clearly right. Even if prices declined 10 percent this year, they'd still be up a huge amount since the late 1990s.

[WhyisaTexasgirlinPA]

You have to factor in people who set themselves up with a large mortgage knowing they will probably fail within years. I've seen that happen right here in my neighborhood with people being put into very large homes that they can not afford. But with deals arranged for no interest payments for a few years, and new homes not owing local taxes for the first year, some families are getting into 5000 sq foot homes for what they might have paid for an apartment. They don't put anything down and don't care if they lose it all in a few years, in the mean time they live in a gorgeous home in a nice neighborhood and let the house go without the upkeep that is necessary.

So not all foreclosures are the result of the interest rates rising or unemployment

[Poser]

They opted for an interest-only, adjustable-rate mortgage and counted on the value of their house continuing to rise as a way to build up equity. ...

So... Some morons buy a house they can't afford with an adjustable, interest-only loan and now they are whining? A fool and his money are soon parted.

[nopardons]

LOL

[churchillbuff]

No, "a lot of people" didn't do this; just idiots."""

There are a lot of idiots.

[Howlin]

Don't waste your time : )

If you're talking about onyx's post, ping her.

[KoRn]

"I thought so"

I stopped with the reading of their posting history when I started seeing support for terrorists rights in captivity. All I needed to know......

[Petronski]

One thing about this article that's indisputable: there's never been a more ideal moment to add GOLD to your portfolio...

[elmer fudd]

Amen! There were more warnings about ARMS than Quaker has oats and still these people used them to purchase a primary residence with no thought of refinancing apparently.

Personally I can't comprehend why anyone bothered with ARMs when fixed rates were down at 4 and 5 percent. OK, maybe if you're an executive and you move every couple of years they make sense, but for the other 95% of us it's the epitome of foolishness to get an ARM when you could have gotten one of the best fixed rates that will ever be available.

[woofie]

How about a gold house?

[Petronski]

Definitely!

There's nothing goldbugs would rather you do than buy their gold from them.

Huh? That dudn't make any sense...

[Sooth2222]

"Factor in the payment on the smaller, second loan, and the Philbrooks now were paying $2,250 a month servicing their mortgage. Since Karen and John bring home a total of about $4,000 after taxes each month from their three jobs, this was a crushing burden. Add in two hefty car payments, utilities and insurance bills, and that didn’t leave much left over for such necessities as food."

No, it wouldn't.

[wireman]

It's a victim thing.