Brownstoner Anniversary: A Prescient Post
Hey, look, here on October 25, 2004, we predicted the coming crash! OK, well, the post, titled “It’s All About the Interest Rates, Stupid,” was actually a reblog of a New York Times story that predicted the coming crash. Still. The real problem lurking below the surface of the real estate market, according to The…
Hey, look, here on October 25, 2004, we predicted the coming crash! OK, well, the post, titled “It’s All About the Interest Rates, Stupid,” was actually a reblog of a New York Times story that predicted the coming crash. Still.
The real problem lurking below the surface of the real estate market, according to The New York Times, is the large number of the adjustable rate mortgages (ARMs) and interest-only loans that people have taken over the past couple of years to enable them to afford the monthly payments on the increasingly expensive homes they are buying. If rates do rise a few percentage points over the next couple of years, a lot of these folks could find themselves unable to make their payments. But The Donald isn’t too worried: “I just don’t think that the politicians can allow the rates to go up because then the economy beyond real estate will tank.”
It’s All About the Interest Rates, Stupid [Brownstoner]
Brownstoner has turned into a dreadful site. A shell of it’s former self. A place where seclected developers get to showcase newly minted shitboxes for high prices. The mighty has fallen….
The What
Someday this war is gonna end…
You need to Troll harder!
You’re not doing it right!
The What
Someday this war is gonna end…