Mr. Su was dead on. It’s hard to believe people can’t even make the introductory payments.
What is the implication?
Where to start:
– Real Estate isn’t a great investment
– Prices are nowhere near the bottom
– It’s not a good time to buy, even a foreclosure
– Not everyone wants to live here after all
– The consumer isn’t as strong as once thought
– You can’t spend your way to financial freedom
– Credit scores and pay stubs DO mean something
– Lowering rates is futile, and will make things worse
