Doesn't this just prove that California is the home of millions of people who don't have any common sense when it comes to handling money?
"When Will the Tsunami of Foreclosures Hit?"
My bet is the day the RATS take over congress.
The first thing they are going to do is close the deficit by retracting all the tax breaks. Then they will put us all back in the red by giving all that revenue to Blue state failed programs.
When the interest rates hit 21%, the RATS will blame Bush and the Republicans for it.
Buying a home in such a ridiculously inflated market in the first place is the worst part...
But you forgot to mention these very gullible people were encouraged by a guy named Greenspan. He was touting ARM mortgages in late 2003 and in early 2004. Some people ought to have realized that $ 300,000 Long Beach condo was $ 150,000 over priced. But the realtors and mortgage brokers only talked about budgeting monthly payments. They did not discuss potential adverse consequences. No salesman does when the time comes to sign the papers. They just hold the pen out in front of your face. Smart sales people know when to shut up.
If they had common sense in handling money they probably wouldn’t be Demonrats would they?