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Reply #27: Victims? [View All]

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PSPS

(1000+ posts) Send PM | Profile | Ignore

Sun Mar-16-08 08:19 PM
Response to Reply #3

27. Victims?

The trouble comes from "house flippers" (speculators) as well as Wal-Mart employees being able to "buy" a $750,000 house. In each case, this artifical demand created by easy (undeserved) credit drove up the prices of homes out of reach of almost everyone. Instead of an average house selling for about 2-1/2 times median income, it has now soared to five times or more.

The answer isn't to bail out the bad securities. Eventually, this will collapse and drive housing prices down where they belong, about 50% of what they are now.

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