Sunday, September 2, 2007
Coming to a town near you??? After the shootings.
Can the Mortgage Crisis Swallow a Town?
WOW!!!!!!!!!!!!! So like my next door neighbour said yesterday. Things in the US are being exaggerated it could never happen here..... and he was a Barclays bank manager!! Read this and you see that there is no way the GOVT can step in and save this problem. Only solution would be for the US to cut IR's and let inflation go. Then see if that worked... back to the old game. This is an amazing read and shows how the whole of the US is in the grip of a MAJOR, MAJOR problem. Any action now could be too late anyway. Who would buy house now just because the FED cut rates in an emergency, and how long could hey hold them down for anyway???
Posted by waitingfor hpc @ 10:53 AM (1028 views)
7 thoughts on “Coming to a town near you??? After the shootings.”
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inbreda says:
“foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression. ”
Christ on a bike!
““I don’t think we’ve hit bottom,” says Michael G. Ciaravino, the mayor of Maple Heights. “My fear is that foreclosure rates could go to double where they are today.””
Oh yes!
mybrainhurts says:
If that house in a nice suburb is on at £50k and open to derisory offers, i’m inclined to ring and ask if they take credit cards.
wiltshire says:
Hold tight mybrainhurts, give it another year you’ll be able to get the street for that price!
deepak says:
The biggest problem would be the loss of community.
But I think people need a kicking to control themselves and also realise there is nothing called free money.
Orwell says:
This may actually happen in many of the newer Barratt type developments over here…
mrmickey says:
I can see a lot of the poorly made housing estates over here being bulldozed in ten years and converted back to allotments, they should never have been built in the first place, this is malinvestment on a massive scale created by printing money.
Chilli says:
“The whole system was based on raping the public,”
Someone finally said it!!!!
This kind of thing must happen here, and soon.