Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

November 8, 2007

What The Housing/Subprime Meltdown REALLY Looks Like

by Brad Warbiany

Head on over to Jack Stevison’s market/econ blog to get a better look.

After hearing each month on the financial news shows about how this month we’ve really hit the bottom, this gives you an idea of the depth of the problem.

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  • marianne

    Residential is a problem and, fair is fair, let’s not throw the baby out with the bathwater. I believe that subprime lending is a lot like Jessica Rabbit…not bad, just drawn that way. There are companies, like Ocean Capital in Rhode Island, that make financing available for sole proprietor businesses that would not be able to secure financing in the traditional marketplace. We’ve all got to start somewhere and oftentimes a stated income loan is the only means to start one’s business.

  • Uncle Jack

    Spoken like a true salesperson for marginal credit lending.

  • bob blob

    Hey Yo…. the breakdown is in the beginning stages. There is mucho mas pain to be had on every level of the economy. Many an upscale suburb is now composting itself into a slumburb with undesirable renters dragging down entire communities. This means that houses being rented out can degrade whole neighborhoods that were previously 100% owner occupied. Ah yes, slumburbs…. with algae and misquito infested swimming pools, clandestine meth labs, and extended criminal enterprises moving in to June and Ward Cleaver’s happy kingdom… and the media is promoting a rapid turn around ? Don’t even think about it. Not unsubstantial problem two is that because of the way the bankrupcy reform bill was (mis) written it is almost impossible to expunge credit card debt so insolvent persons now have to choose between paying off the usurious credit card debt they can’t escape and can’t afford, or paying off the mortgage. Guess which one gets dumped. Unfortunate thing three, America is aging, and because America is aging, we’re on the cusp of a massive shift from real estate expenditure to health care expenditure, which is bound to be the most snarled bureaucratic nighmare you ever saw. Now we will soon be forced to choose between “lifestyle” and life saving medical interventions. Guess which one wins.

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