High end homeowners used ARMs too
Bob Morris @ Apr 20th 2007 09:54 - Category: Credit crisis
And some of them are being forced to sell at auction for less than what they owe.
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DJ on 20 Apr 2007 at 10:32 am #
So maybe this was an equal opportunity blunder? Though I tend to think it was more likely people pushing to own more home than they could afford, thanks to a culture that values a person based on what he or she owns, drives, wears, and lives in.
Thomas Ware on 20 Apr 2007 at 12:28 pm #
This is a surprise?
Out here in the second hottest regional economy in “the nation” there is suddenly a plethora of motor homes, boats and (f_cking) Hummers for sale, and a stench I haven’t smelt since they started putting slot machines in the bars. There’s nothing quite as humorous as watching someone who knows they’ve lost the rent continue to gamble.
A couple of condo projets nearing completion ’round here made initial offerings of a mil-plus. One reports no sale, another now starts at seven-fifty… still empty.
giggle, snort