Saturday, June 18, 2005

Foreclosures Up?

I just happened to scan the front page of my local newspaper and they had an interesting article on the increase number of forclosure filings as home values soar. Click here.

If you read the last paragraph it says: "A lot of people don't have any money. Their savings account amounts to two hundred bucks, and they're living week to week."

This is scary, you just have to wonder how long this housing boom will last... A lot of people are just way over leveraged. Now with the interest only loans, you're looking at a potential time bomb for some of these people.


Post a Comment

<< Home