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Old 10-14-2011, 02:28 PM
 
Location: Denver, Colorado U.S.A.
11,216 posts, read 12,824,485 times
Reputation: 7348

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Quote:
Originally Posted by Gunluvver2 View Post
************************************************** *******
Correct me if I am wrong but wasn't it out of control rising housing costs that caused the bubble to burst and result in the current recession/depression?

GL2
Well, prices were rising out of control because banks were loaning money to people who couldn't afford to pay it back, or to people who didn't understand what an ARM loan was.
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Old 10-14-2011, 02:49 PM
 
Location: Colorado
2,624 posts, read 1,878,586 times
Reputation: 2872
Quote:
Originally Posted by davebarnes View Post
I believe it is their call center.
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Old 10-14-2011, 07:28 PM
 
Location: Nebraska
2,768 posts, read 3,891,471 times
Reputation: 2812
Quote:
Originally Posted by denverian View Post
Well, prices were rising out of control because banks were loaning money to people who couldn't afford to pay it back, or to people who didn't understand what an ARM loan was.
Just the opposite don't you think? Because of lax credit standards there were more buyers competing for available houses so the price goes waaaay up. Several years later there are thousands of owners upside down on their loans so they default and there is a SURPLUS of houses on the market and NO buyers. Prices drop. Like a rock. To exacerbate the problem NOW banks require larger down payments meaning even fewer buyers and a drop in prices. Catch 22?

GL2
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Old 10-17-2011, 10:02 AM
 
Location: Denver, Colorado U.S.A.
11,216 posts, read 12,824,485 times
Reputation: 7348
Quote:
Originally Posted by Gunluvver2 View Post
Just the opposite don't you think? Because of lax credit standards there were more buyers competing for available houses so the price goes waaaay up. Several years later there are thousands of owners upside down on their loans so they default and there is a SURPLUS of houses on the market and NO buyers. Prices drop. Like a rock. To exacerbate the problem NOW banks require larger down payments meaning even fewer buyers and a drop in prices. Catch 22?

GL2
I think I'm saying the same thing as you
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Old 10-17-2011, 07:29 PM
 
Location: Nebraska
2,768 posts, read 3,891,471 times
Reputation: 2812
Quote:
Originally Posted by denverian View Post
I think I'm saying the same thing as you
Sorry Denverian. I read the posts again and you are right, we are on the same page. I must have been in caffeine deficiency when I posted.

GL2
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