The Miracle of the Bush Economy (an ongoing feature)

Truthout has an editorial on the faltering housing market that lays out all the dangers, calmly and clearly. And you don’t need to be an economist to understand what is happening.

It’s real, kids, it’s big, and it will be ugly.

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5 Responses to The Miracle of the Bush Economy (an ongoing feature)

  1. Truth be told, Manhattan seems relatively untouched, so far. Hard to believe it, but I’m kind of happy that I’m renting right now. Like I have a choice. $1,000 a square foot? Not fucking likely.


  2. DCup says:

    Here’s a question I have and I have not seen it addressed anywhere that I can think of….where are all the foreclosed people going to live? They can’t get another mortgage, they have no money for a downpayment and who’s going to rent to them with such awful credit?

    It’s been bugging me as I see more and more houses standing empty with for sale signs in their yards. I assume a good chunk of those are foreclosures, no?


  3. raceynora says:

    Oh Ten’ – Crooks & Liars links to this! Way to go!


  4. DCup: I’m guessing the people who have one house too many may be amenable to renting. But you are right, where do they go? Probably move in with family, if they have family. Not good.


  5. Tengrain says:

    DCup – my guess is that a lot of the houses were bought by people who wanted to “flip them” — they watched too many episodes of curb appeal.

    There are gonna be a lot of people who are gonna walk away from their homes, not be thrown out. They will have no incentive to stay. And with the glut on the market of unsold and foreclosed homes, I suspect more than a few of ’em will be able to buy someplace at fire sale prices. Isn’t deregulation fun?




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