Comments on: People Can’t Afford Their Houses Anymore

By: Monkeydarts

Monkeydarts — Fri, 07 Mar 2008 14:13:50 +0000

Less than 1% of home loan mortgages are in foreclosure.
Only about 4% of borrowers have missed a payment.
The banking poobahs want lower interest rates to bail them out but doing so means putting more money in the system. More money in the system, by definition, creates inflation.

The long term problem will NOT be deadbeat loans (unless government steps in to further save the defaulters), it will be roaring inflation. I lived through the Nixon/ Ford/ Carter inflation years and do not desire a return. The remedy is tighter money and lower tax rates, not WIN buttons. Unfortunately, the horizon shows looser money from a FED listening to the big banks and dramatically higher tax rates with the Dems moving into full control. Throw in a little protectionist trade policy and, voila– deep recession. Worldwide turmoil. Trade wars often turn into shooting wars btw.

The good news? It doesn’t have to happen.

By: Newman

Newman — Thu, 06 Mar 2008 20:32:48 +0000

Sic, the old standby to replace an unwanted song in the head is to start humming the guitar part to “Kashmir” by Led Zeppelin. Of course, then you have “Kashmir” in your head, but it might be better than whatever was rattling in there before.

By: home builder

home builder — Thu, 06 Mar 2008 20:25:14 +0000

While the rest of the country may be in the tank, South Carolina is in better shape, although perhaps not in great shape. Foreclosures are actually down in South Carolina. While the coastal market is not performing well, the midlands and upstate real estate markets are only down slightly from what were historic highs.