" owing more for their homes than they're now worth. "
Everybody who didn't see this coming, raise your hands..
(I'm talking to *YOU*, Cavuto - and your gaggle of head-in-the-sand pollyanas)
LOL! To be fair, he did have on a few people here and there who said housing was going to tank. But not many.
But...but...but... Everybody needs a place to live! So Somebody is going to have to come along and buy my Cape Cod on an eighth acre for $950,000!
yep..... and I noticed it's not thier fault. It's the developer's fault. It's always somebody elses fault.
They have 2 butts?
What did Cavuto have to do with this?
If you didn't buy looking to flip then this dip is meaningless.
Which means that refinancing their exotic mortgages into more conventional loans will be impossible. Still, I find it hard to feel sorry for a couple of twentysomethings who paid $870,000 for a house without being able to secure a fixed rate or at least cover all the eventualities. Play with fire, get burned.