We all know that these people aren’t smart enough to be banking their mortgage payments in lieu of making the payments so I’d say that this assessment is pretty much spot on.
I think that we are in the eye of the storm. There’s a big front coming. Consider that home values are storming upwards again in San Diego with absolutely nothing to support them. Once rates rise (as they must) this will come to an end. And it’s going to be a long time until the economy truly recovers. We aren’t even close–I think that it’s going to get alot worse before it gets better, especially considering the dire state of US debt and our huge deficit spending binge.
