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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (406387)	8/14/2008 11:10:07 AM
From: michael97123	Read Replies (2) of 1574634

I think folks overstate the importance of foreclosures as it affects the economy. I dont want to appear heartless but here are my reasons. 1. Folks who are foreclosed on were in way over their head with their mortgage. What happens in foreclosure? Family leaves home and rents somewhere for far less. Or if they have family with money they can pick up something for a lot less and pay rent to family member owner. Although they lose their credit and perhaps go into bankrupcy, they actually have more real spending power. Its not a great situation but economically its not as bad as doom and gloomers make it out to be. 2. Foreclosures drive down prices. Sure supply and demand work but there is demand building and within a year prices will turn up again. Some housing developments will go rental and some will be plowed back into farmland. Thats where its really bad but in most communities not that bad at all. Worst hit areas are vegas, ca and Fl. 3. Oil is the much bigger issue and now that oil is in a bear (i hope) more money in consumer pockets, especially if they continue to drive less and thus spend less for gas. Things have a way of balancing out over time.

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