The Charlotte Observer writes about the end of the American dream of homeownership. Low income residents are so hard hit by foreclosure, that legislation is being drafted to aid them.
This goes to substantiate my thesis, which I present here repeatedly: this housing bubble is localized to many cities, but the lending bubble is nationwide. Lower income people will default under HUD and other government guarantee programs, increasing taxpayer costs. Defaults in non-bubble cities will decrease home prices in cities that had just normal appreciation. This will lead to a bear market and recession by late 2006 or 2007. I keep finding more proof for my thesis, and no one here is objecting.
What about sdrealtor? I need a debate to find flaws in my thinking.
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