Good video on the foreclosure time bomb on NBC Nightly News.
Tick tick tick.
Pretty standard report these days, with the couple who "didn't understand" the mortgage they signed up for. Not sure if I believe that, but Americans are so financially ignorant, it could be true. This couple's mortgage went from $1700 a month during the "teaser" period to almost $4000 a month today.
Yes, make that 1,000,001 foreclosures...
After the smoke clears and all is said and done, especially with all the resets happening over the next three years in the middle of a housing price collapse, you'll be looking at 5 million, maybe 10 million or more foreclosures in this country post-bubble. It used to be easier to avoid, as you'd just sell the home, but now if you sell you're below water, so it's just a matter of time.
Again, the human face of the housing bubble will be seen with these foreclosures. Lives ruined. Families on the street. Financial devastation.
And realtors and mortgage brokers on commission laughing all the way to the bank.
October 25, 2006
Posted by blogger at 10/25/2006