Real estate gurus Robert Shiller and Karl Case say the mortgage crisis will now spread even to homeowners with strong credit scores.
The two co-founded the S&P/Case-Shiller Home Price Index. Shiller teaches at Yale and Case at Wellesley College.
“There will be continuing foreclosures, and not just subprime, it will be prime mortgages,” Shiller told Bloomberg.
“This is creating a huge shadow inventory of homes that are still owned, but they’re going to be on the market in the next year or so.”
Already, the amount of prime mortgages overdue by at least 60 more than doubled in the third quarter from a year earlier, according to government data.
Unemployment, now at 10 percent, will lead to more defaults, the two experts say.
“Unemployment is not respecting income boundaries,” Case told Bloomberg.
“It’s affecting rich people, poor people and middle-income people, and they all have mortgages.”
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Obaaaaaaaaaamuhhhhhhhhhhhhh our savior will bail everyone/everything out!
ReplyDeletelol, riiiiiiiiiiggggghttt...that'd be like bailing out the Titanic with a thimble!
It looks like we are at the beginnings of Agenda 21.
Lock-n-Load people, it's gonna be a rough ride!
It is real simple the Bankers want to own the property homes, land, etc... when the crash happens. They did it in the Great Depression in the 1930's as well. History repeats.
ReplyDeleteWell, is doesn't help that our country has signed over our land/properties to CHINA as a guarantee if we default on what we OWE CHINA.
ReplyDeleteI wonder if CITIZENS of THE USA have also been put up as "COLLATERAL"?!
Hmmmm...I wonder what our fate will be then? Will we be SLAVES? Or a new source of "MEAT"? Or will we be the victims of the new "HALOCAUST"?
Sad, Strange days are these.
I like the way that idiot Karl Case ( what is that some damn stage name or what/) states " they
ReplyDeleteall have mortages) screw you dungheap - there are more than a couple of us that have lived within' our means and own everything we have -
I'm one - come and get it sugar pie cause the
M-1 garand and 5,000 rds. of ammo I have for it is paid for too.
11:37 Don't be lame and more important don't be afraid. Our forefathers had great insight and a majority of people in this country I feel are prepared. Ask anyone who has a gunshop. There is a reason the talking heads in Washington cannot
ReplyDeletequite get the task of the gun grab done nor will they ever. We have the largest stockpile of weapons ( in private hands) in the world ( and that's just what they know about) I'll tell you what - I would not want to be an uninvited intruder in my county. We are ready
And they know it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!