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Politics : Welcome to Slider's Dugout
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To: surelockhomes who wrote (6262)9/2/2007 9:07:06 AM
From: jim_p   of 50749
 
I lived in Houston during the S&L crisis and as I drive down the streets here in Colorado Springs I'm seeing more and more signs up on homes saying "owned by the bank", and the strange part is the economy is pretty strong here with all of the military activity?? It's starting to give me the déjà vu feeling of the 80's, only with a strong economy and plenty of jobs for anyone who wants to work.

I've also seen several homes priced from $2 million to $6 million under foreclosure which is pretty unusual in any market.

I think many are still living in denial on how severe the pain can get from the unwinding of the credit bubble. Bush's plan is nothing, it's not even a band aid and lower interest rates won't help those who have bad credit and a negative equity in their home.

JMHO,

Jim
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