Today’s Wall St. Journal on mortgage news:
• Delinquencies are sharply higher for loans that were issued last year, when lenders were aggressively courting business.
• One study shows 29% of borrowers who took out mortgages last year have no equity in their homes.
• Higher interest rates and a cooling housing market could further push delinquency rates up in coming months, experts fear.
Although I understand those tool sheds they sell at Home Depot can be quite cozy with the right insulation…
Seems like I’ve been reading about the impending collapse of he U.S. housing market for 3-4 years now. I don’t know which is becoming more tedious, that or the Rove frogmarch watch. Excuse me if I forgo holding my breath for either.
They really can be. A friend needed an extra bedroom and used a 10×10 shed in the backyard. He used thin insulation and cedar paneling on the interior and I ran power out to it. It came out really well. It reminded me of a deckhouse on a sailing ship. All it needed was a couple of portholes
Yeah, a client was telling me that one of his customers is tens of thousands of dollars delinquent in payments to him because the guy’s biz ARM payments just went up to 15k per month! There’s one small business that’s not long for this world…
Thoreau’s cabin at Walden was 10′ x 15′, wood shingled, plastered inside and with a fireplace.
holy shit.
I am SO glad I resisted temptation and bought a house within my limits. And when the loan guy suggested I take out as much equity as possible, i’m glad I ONLY took out what I needed.
What i REALLY need? A wood stove for winter, for my room.
Exploding Mortgages, III…
Recently, the National Association of Realtors has run a series of TV ads promoting their brokers’ ethics. The ads portray a series of sociodemographically diverse folks giving heart felt testimonials describing how lucky and fortunate and, well, down…