Damn.

[tjwash]

The Bush economy.

Smoke, mirrors, and adjustable rate garbage preying on peoples dreams. I just took these this morning on a short walk around my block.





I'm sure you are all seeing similar things happening to your friends and neighbors as well. I want to say something witty and consoling; but I just can't think of anything to describe what these people must be going through right now.

[snappyturtle]

1. I guess we have to assume the the banking lobby got what

it wanted. The only thing I can think of that might console people is that they are not alone. I heard a report last week that 2.8 million Americans are expected to lose their homes this year! I don't even want to know how awful these people feel because I know we're only one small catastophic life event to be in the same boat.

[Hissyspit]

2. Story in Fayetteville Observer last week spoke of a third of houses in some neighborhoods

being hit like that.

[CookCountyResident]

3. I blame this on the

credit card industry. People are overextending themselves beyond their means and going way into debt.

[no_hypocrisy]

4. Double standard.

In order to keep this economy afloat, a high volume of consumer activity is required. Not everyone has a trust fund. Thus credit via the cards. And then payments are insurmountable due to compound interest, potential loss of job or decrease of hours or salary, and voila! You're in over your head. You miss three house payments in a row, and you lose your house.

[tjwash]

6. Most reputable lenders check to see where the money for your down payment came from.

For instance; you are not supposed to take a loan out from someone else to be able to afford the down payment for your loan, and there has to be a paper trail showing that it is "seasoned money" as the lenders call it. If it does not jibe...you are denied so that stuff like this does not happen.

These sub-prime lending vultures however just don't care. Hell, some of them don't even ask you for a down payment. They do whatever they can to talk you in to taking a loan whether or not you can afford it, take their commission and charges off the top, and then sell the loan to someone else.

There has been an massive influx of these types of lenders since junior has been in office.

[Warpy]

5. In the last two weeks, everything in my area sold

even the rehabs and a couple of others that had been on the market for a year.

On Sunday, the local news chirped about how the local real estate market was booming.

I'm taking it all with a pound of salt. I haven't met the new neighbors yet, but I'll bet the central location of this area plus outrageous gas prices were deciding factors. The same empty McMansions on the edge of town are still being shown on real estate shows.