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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Mike Johnston who wrote (50952)1/23/2006 3:49:28 PM
From: John Vosilla  Read Replies (2) of 110194
 
"After all, without housing bubble equity , tens of millions of households would be bankrupt and would have to go on food stamps"

Why does Grace take such offense to that statement? It is true maybe not for many of us here. The number of folks that would face foreclosure or bankruptcy due to loss of job, marital split or even a slight decline in home prices has never been higher. Zero savings, high cost of living, negative ARM's with growing mortgage balances, adjusting monthly payments upward on ARM's, record multiple of income to housing prices, too many investment/vacation properties that are cash drains and more jobs than ever tied to housing makes it a reality.. This ain't 1966 or even 1996 today in the coastal bubble markets.. That so many can't make payments on $120k homes in places like Dallas/Ft Worth with record foreclosures already in a good job market and economy tells a lot.
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