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Well, the insanity continues. The new bubble is FHA loans. They're courting first-time buyers with 3% down, financed closing costs and a $7500 gift loan from Uncle Sam. (Yeah, how many will be paying that back?) They'll approve you practically on a smile if you're a minority.
Um, 3% equity in markets that are declining 4-5% or more annually? Isn't that grade school math? Not to mention, the first thing most first-time home buyers do is open deferred credit accounts (no payments for 18 months!) at Lowe's (appliances), Best Buy (home theater) and Insert Your Local Furniture Store (houseful of furniture) here-- and they do it all at once so it won't show up on their credit report until they've finished loading up. Most of these people will be so underwater in 18 months that they won't even bother walking away-- they'll run! Then these homes will hit the market as another wave in our ongoing tsunami.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,716,372 times
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Lehman failed today. We are still alive and life goes on. It will if Wa Mu and AIG fail too. It will if GM and Ford fail. In the end we will all be better off for it. Once the dirt and dung is washed out of the economy we can get back to doing what we do best- producing and growing!
And the media is still yapping nonstop about Palin while this stuff is going on?
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