What do you mean "may"?
Although the article focuses entirely on people who had bought houses they could afford and now find themselves underwater, as opposed to people who avoided the housing market entirely, I was glad to see several comments from people who feel they way I do. I've been patiently saving for a down payment, continuing to rent my crappy apartment, waiting for this bubble to burst. Housing prices have got to come down to a more reasonable level. If the mortgage payment for a place is more than you'd be willing to pay to just rent it, that is a bad sign.
The reality for the people who are upside down is that by the time they finish paying off their 30-year mortgages, the dollar value of their property will probably have crept back up to where it was when they bought it (after all, the Fed is doing all they can to help debtors and punish savers by lowering the funds rate to almost nothing, causing massive inflation). Just what is so wrong with that? What other physical thing in this world do you buy, get thirty years of good use out of, and expect to even be worth as much as you paid for it in the first place, let alone double or triple in value? This whole real estate as a short-term investment attitude is one of the things that got us here in the first place.
On the election...this is my last day to vote early and I doubt I'll get to it, so it looks like I'll be queuing up with everybody else on Tuesday. Not that it matters in this politically backwards state, at least for the presidential race. No liberal (which by Texas standards is defined as anyone who doesn't think that extramarital sex is more immoral than bombing brown people in the desert) can win anything on a statewide level here. One of the reasons I want to get out...
This close to the election you're hearing a lot of things about undecided voters. At this point I don't understand how anybody could be undecided, unless you're been living in a cave. As far as I'm concerned you're either one of the 40% of people who wouldn't vote for a Democrat even if the Republicans had nominated Hitler, or you should be voting for Obama. I'm willing to listen to rational arguments one way or another, but that's how I see it at this point.
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