The only difference here is that some banker was dumb enough to lend them
$$$$.
I'm pretty sure the bankers weren't that dumb. It was/is a matter of short
term thinking. Like giving a mortgage to someone without a job, only to
shortly pedal that mortgage to another financial institution.
Eventually the piper must be paid.
BTW - my son has been in real estate for the last 8 years - 08 is turning
out to be his best year by far.
For every seller complaining about their house sale price there are buyers
able to purchase more house than they otherwise would have been able to.
Kenneth Waller
http://www.tinyurl.com/272u2f
----- Original Message -----
From: "Bob Sullivan" <[EMAIL PROTECTED]>
Subject: Re: Foreclosures: Bruce Gilden
John,
Yes, houses are expensive. Maybe prices will drop now.
But this is the same old cliche story we always see.
Poor people who can't afford the basic necessities.
Sometimes their own choices are at fault, sometimes bad luck or illness.
The only difference here is that some banker was dumb enough to lend them
$$$$.
The government bailout has focused on bad jumbo loans, $350,000+.
Regards, Bob S.
On Fri, Nov 7, 2008 at 4:51 PM, John Sessoms <[EMAIL PROTECTED]>
wrote:
From: "Bob Sullivan" <[EMAIL PROTECTED]>
I'm suprised by the focus on the low priced home segment of the market.
News reports here put the bulk of the problem in the high ($350,000+)
priced homes.
This report becomes a kind of cliche...hard luck stories of broken
people.
Regards, Bob S.
There is no "low priced" home segment of the market. That lady who was
living in her van had a $180,000 mortgage on that house, and you can look
at
it and tell it ain't no McMansion ... less than a thousand square feet.
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