2nd wave to mortgage resets

Look at that chart.

www.cbsnews.com...

We bought our home February 2008. We missed the home buyers credit by 6 weeks.

We did not buy when the government wanted us to buy so no help.

During the boom, it was buy now or be priced out. Those people, a lot of them are getting their mortgages remade to current home value at a new rate.

Shoot, we should have done that. We could have a nicer home in a nicer neighborhood now, if we would have done it the "wrong" way. We waited until the rates came down, got a 6.5 percent fixed. Now my home is worth half what I paid, but we bought at the start of the downturn. We fell in the middle. No first time buyers credit, no help on the value of my home. How nice. Just shows how bad the corruption is. Buy when they want you to and they will reward you.

Yep, Subprime was just the first wave

It is said that the rest will be even worse because of the values & amount of $$$ involved



8-ball says: Outlook Not So Good




[edit on 1-12-09 by atoms.2008]