Posted by Spook on April 11, 2008 at 14:55:13 from (198.208.159.19):
In Reply to: Re: OT - Economics posted by big fred on April 11, 2008 at 14:15:00:
The mortgages going bad in places like Michigan are not inner city stuff. Mostly around here it is people losing jobs and/or income. The thing I see is that the average home is too expensive for the average income. This was masked for years by people doing "financial engineering" with home equity loans. The use of credit went up, which kept the economy going, but sooner or later ya gotta pay the piper.
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