Reply #13: Very interesting article, up in arms

[cliss]

So -- the housing bonanza is about to burst. I believe it. I've been watching the housing market and of course the refinancing boom. Economists and bankers have said that this is about the only thing good happening in the economy right now. Or to rephrase it: the only thing that is keeping our economy going AT ALL.

And of course, why just have a little bit of a good thing, when you can go for the whole enchilada? Don't just refinance the mortgage, get it refinanced and throw in extra cash to cover credit card bills or other spending.

When the homeowners should have taken advantage of the only good thing to happen in years, instead they just painted themselves into a corner.

Currently, it's fairly easy to buy a house. If you're breathing, you qualify. Apartments are dealing with big vacancies. Houses for rent are not renting so quickly, because everybody is in a house.

That might change, especially if people lose their jobs. So we should start seeing a lot more foreclosures, and of course this will have a domino effect on our economy. It's a very bad development.

Save your money. You may be able to pick up some bargains in the near future.