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60 Minutes on the Mortgage Meltdown
By JLP | December 15, 2008
I thought this report was interesting from last night’s 60 Minutes:
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Topics: Housing Market | 3 Comments »
December 15th, 2008 at 1:06 pm
Thanks for sharing this link! Scary forecast for several years out.
December 15th, 2008 at 2:16 pm
Thanks for this. And my wife was worrying that we’ll miss the bottom when we buy in 2010/2011. Maybe we’ll rent a mansion for a couple of years until things bottom out.
December 15th, 2008 at 5:17 pm
What is especially scary is the relationship between unemployment and foreclosures. As unemployment rises so to will the foreclosure rates.
Consequently, the loss of the Big 3 automakers if there is no bailout could trigger a disastrous rise in home foreclosures resulting in even stricter lending standards by banks – leading to more people unable to refinance their ARM mortgages leading to even more foreclosures. A truly vicious downward spiral.