cbs
Second wave of mortgage crisis to come - from CBS 60 Minutes
An investigative piece on the second wave of mortgage problems on the horizon, which generally involves more affluent buyers who took on interest only or adjustable mortgages, and doing so they took on too much debt, all based on the now foolish assuption that housing prices would just keep going up, well... forever.
The unwinding of this second wave of housing loans is another body blow to the US housing market, still on its way back down to historical norms.
Foreclosure Hits Unexpected
12 million households now have mortgages bigger than their homes are worth, and people with reasonable mortgages are now part of a second wave of foreclosures brought on by job losses.
If only this bubble never happened and all that ill-gotten wealth wasn't blown on flat screen TVs and SUVs. Too late for that now though.
Foreclosed and homeless.
Middle class foreclosures are making people homeless in Santa Barbara. Safe parking programs are making it possible for the growing numbers of car campers to sleep in relative peace.
Median Price of Homes May Fall
Looks like the housing market has to go down after all.
From CBS News - August 26, 2007.
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