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Reply #17: Frantic emails are circulating in Washington, I read in [View All]

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Neutrino Donating Member (609 posts) Send PM | Profile | Ignore Sat Jul-12-03 02:06 PM
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17. Frantic emails are circulating in Washington, I read in

a Washington blog "Don't let anything happen to the Real Estate
market, no matter what". It's an idiotic statement because no matter how
you massage the figures, no matter how long Banks drag out Foreclosures,
the handwriting is on the wall. The huge Unemployment numbers that
are increasing exponentially represent homeowners who reached for
prices well above the rule-of-thumb (2 1/2 times Gross Income) in
Purchase prices. Those who have Re-financed three and four times
will never get out even, and as in the late 80's, will likely simply
walk away because there is no Equity left.

The Housing bubble is being held up with duct tape. What goes up
must come down--



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