Your story is right people making 40,000 a year can never repay a 500,000 fix @ 30 years let alone a 3 year ARM. This is first going to make it where people can not make payments on house, credit and basic bills. Then the credit will be taken away. With no credit they can not drive a Hummer around working for 15.00 buck a hour so spending stops. Then people will get less of a chance to work do to less spending. If you do not having any saving you end up broke. No credit, No house, No Job and no money. Looks like it may be worst then 1991 in California. Save your money in anything but a mortage and wait for the fire sale
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In all of the negative commentary I've read in response to my factual comments, I have heard nothing FACTUAL that... [MORE]
Kenneth J. Jones
Mar 29, 2007 08:36
Jones -- Your fondness for capital letters and smug indignation doesn't substitute for the FACT that you haven't answered any... [MORE]
BLANEY
Mar 29, 2007 18:41
"To the ignorant and depressed among us:" Kenneth Jones? Did you even bother to read the response to YOUR ignorance,... [MORE]
Roy A. Hughes, III
Mar 29, 2007 22:21
Mr. Jones- Your attempt to paint a rosy outlook on the housing market is kind of sad. I realize you... [MORE]
Cornelius
Mar 28, 2007 15:17
It is now April 12, 2007. Ive been in phoenix for about 6 weeks looking for a home and am... [MORE]
bank of amigo
Apr 12, 2007 12:26
Dear Mr. Case:
I don't doubt the experiences of you and your friend. However, isolated cases of personal experience, upleasant as... [MORE]
Kenneth J. Jones
Mar 28, 2007 07:00
There is one hint that prices will drop. No one can afford even a decent condo today. If you have... [MORE]
Blaney
Mar 28, 2007 18:14
I for one agree with what Mr. Case's article contained and let me tell you why...
My wife and I bought... [MORE]
Roy A. Hughes, III
Mar 28, 2007 21:53
Mr. Krystofiak is apparently not a student of history. IN FACT, during the worst real estate markets since the great... [MORE]
Kenneth J. Jones
Mar 28, 2007 05:01
While I haven't read the NAR data to which Mr. Jones refers, I DID live through the late 80's and... [MORE]
Rick Case
Mar 28, 2007 06:31
I lived in Austin TX from 1983-95...The 1985-92 bust ranged from 25% to 50% decline depending on location and quality... [MORE]
Army No. Va.
Mar 28, 2007 21:13
Your story is right people making 40,000 a year can never repay a 500,000 fix @ 30 years let alone...
notarealtor
Mar 27, 2007 20:38
We are just at the beginning of this Housing Crash. Just look at how ridiculous things got. Homes appreciatated from... [MORE]
Bruce Bartman
Mar 27, 2007 19:08
Many people believe that this will all blow over in a few months. Most don't understand the causes of the... [MORE]
Don
Mar 27, 2007 15:45
We won't have hit bottom until it becomes "common knowledge" that it never makes sense to buy when you can... [MORE]
Paul
Mar 27, 2007 12:50
I'm amazed by economists who can't clearly see that housing is going to be in trouble for the next few... [MORE]
Charlie
Mar 27, 2007 09:18
D:
Most major economists like Paul Krugman of Princeton and Schiller of Yale have been saying there is and will be... [MORE]
bababoey
Mar 27, 2007 08:22
Dan
Great article. We definately have not seen the worst of this real estate downturn. As a real estate broker and... [MORE]
Stan
Mar 27, 2007 01:01
I have been following the housing market for a bit more than 2 years now. I think Mr. Green Span... [MORE]
Vu Nguyen
Mar 27, 2007 19:45
In many parts of New York City values seem to be holding up. In Brooklyn we still have areas moving... [MORE]
Marc
Mar 27, 2007 20:44
Lenders have provided programs to qualify most any buyer today. Loan officers are not properly
trained to sell sophisticated mortgage products.... [MORE]