mgubnyc1 if you feel that way then don’t you also feel a home should not be some ridiculous multiple of the median wages? If this can’t be sustained homes must go down in price, it’s basic Asset Bubble Popping 101.
Something has to give, and the pain will be felt among the following:
– Fscked wholesale mortgage companies going out of business
– An entire career path (mortgage broker) getting wiped for all but the really sharp. Check Broker outpost which is starting to get infested by MLM recruiters.
– Investors tied to CDOs, or MBSs in any way
– Homeowners who were banking on continued appreciation, or for that matter any distressed seller.
That last one we can’t avoid, just because you don’t want to see it happen. Also some of these “innocent” nurses were signing their names to fraudulent documents.
