Kevin Drum points to an article in the LA Times on housing forclosures. Wow!
I'm not sure who else cares about the housing market, but as someone who's generally interested in fiscal policy this is a bit alarming. Wow.
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Comments (3)
Is there a reason the graph only goes back to '92? Seems suspiciously narrow.
Posted by Alexander Dietz | July 25, 2007 2:51 PM
Posted on July 25, 2007 14:51
The housing market is just experiencing a significant market correction. It was overpriced. Interest rates should be raised, not lowered, if anything. But keeping them at 5.25 seems to be the right bet at the moment.
Posted by Professor Snape | July 26, 2007 12:06 AM
Posted on July 26, 2007 00:06
I don't see cause for significant alarm. This increase is a natural consequence of the poor lending practices of recent years. My guess is that it will even out in 1 to 2 years.
As for the international banking community cutting off US investments, does anybody else hear a refrain of "Subprime lending? I'm shocked, shocked!" *Every*body has known this was happening, and that it was just a matter of when the mortgage bubble would burst.
As for myself, I'm thinking it might be an interesting time to get into real estate.
Posted by SusanO | August 10, 2007 1:33 PM
Posted on August 10, 2007 13:33