[quote=svelte]
Those are HUGE loan amounts! The mortgages must be astounding!
You can’t tell me those folks won’t be going under if they become unemployed. If they had any savings, I doubt they would be getting such huge mortgages.
It all hinges on what happens with the unemployment rate…watch that closely…[/quote]
It doesn’t really matter how big the loan amount is, if you lose your job and economy goes down the tube, you won’t be able to pay your mortgage. Now, as we see so far, the high income jobs have much lower unemployment than the blue collar jobs. Do you suspect that the high income jobs will start seeing 10-15% unemployment and the blue collar jobs will see 20+% unemployment? If that’s the case, the 1st pain train will finally hit the high end and the 2nd pain train might start taking off at the low end.
