Friday, Aug 15, 2008
$ is no safe haven with this news
FT: Higher rungs of housing ladder feel mortgage pain
"US Prime borrowers are falling behind on their mortgages at more than three times the rate they were in 2007, a pace far exceeding the rate at which Alt-A and subprime borrowers are becoming newly delinquent on their home loans, according to data from Credit Suisse and Loan Performance."
Even prime borrowers will fall behind in their mortgages when they go into negative equity even though they can afford to pay. When you realise you have made the mistake of your life buying that $3.5 million home that is now worth $2 million, you walk away.
Posted by mountain goat @ 10:17 AM (381 views) Add Comment
1 Comment
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1. layers said...
Yup, this will be the next shoe to drop as we discussed quite a while ago. Strong dollar?! Absolute manipulation to sucker the populace.