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Originally Posted by tw
Any one of three things may happen. Housing prices drop leaving massive debts for homeowners - maybe a house worth less than its mortgage.
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The loss of good "auto-jobs" in the last few years in the Detroit area has a high number of people upside down on their homes.
Overall I see this as amusing but only because most of these people believed that they were smarter than God by buying more house than they could afford. Why put money down on a house? Mortgage it to the max. It'll only increase in value, right?
Now, someone with a relatively small chunk of CASH could roll into those areas and own what was recently a very nice home.
Oh yeah...all of this bad news is Bush's fault. We all know that.