Reply #18: Here the poor are bidding up the prices of the luxury homes they cannot [View All]

[ScreamingMeemie]

afford and will lose once their 7-10 years on that interest only loan is up.

Case in point:

My brother in law-26 (max) dollar an hour shop rat who makes most of his money in (now hard to get) overtime. Sister in law: stay at home mom. They bought a 3200 s.f. wanna be manse on his income and an interest only loan. Their payment right now? About $500 a month...7 years? $4,000. 26 bucks an hour and no overtime ain't gonna keep that house for them. It's not the rich buying the houses...it's the rich making money off speculation of what us "idiots" in the (almost defunct) middle class are gonna do next.