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And I would guess at least 50% of them were people who had no business buying a home in the first place. I'll bet 75% of America has no clue what an adjustable rate mortgage is and thinks it's a good thing.
And I would guess at least 50% of them were people who had no business buying a home in the first place. I'll bet 75% of America has no clue what an adjustable rate mortgage is and thinks it's a good thing.
Many of the wealthier middle class people hung on for a longer time. They lost their jobs and couldn't find another. Their savings ran out.
The homes that are being lost are now those who bought a home they could afford but without a job, they cannot find the money to keep it.
And I would guess at least 50% of them were people who had no business buying a home in the first place. I'll bet 75% of America has no clue what an adjustable rate mortgage is and thinks it's a good thing.
It is a good thing if you understand it.
Uncle Ben just said it last week, QE infinity and beyond. Rate stay at 0 until at least 2015. I guess if things turn up, I hope they will, I will refinance and lock in a fixed rate. If it still low, refi another another 5/1.
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Exactly
