Mark what I said was that most of the adjustable rate mortgages were on homes of higher value. Were there some lower income people who took em? Sure. But most of the housing meltdown was not cheap homes. Close to 75% were home worth 250K or more. I will point out that most people who could afford a 150K home back in 15 years or so ago had enough of an education that they should have known better. And I just looked, median price of a home in Detroit MI in 2008 was 34,500. Now maybe they were worth more in the burbs but in Detroit they were not worth much. In fact according the the US government the average value of a home foreclosed on during the housing meltdown in 2008/09 was 242,000 dollars. That's the average value. According to other research Detroit was in decline for 30 years prior to the meltdown, had much higher than average poverty rates and declining home values even back then. Funny how Detroit has had lib leadership for 53 years and has been in decline sense the 70's?
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Today's Featured Article - On the Road with Dave Gohl: Auction Musings - by Dave Gohl. I was thinking the other day about all the auctions I've been to in the last few years. There've been many. Some have been very good, some have been well, disappointing to say the least. But no matter how good or bad auctions may be, we always seem to stay until the item we've come for or are interested in is on the block. I've been to some auctions near and far. I think the furthest has been the Two Cylinder 7 in the Amana Colonies last year. Lots of stuff, lots of people. I've also atten
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