32.6% of new mortgages and home equity loans in 2005 were interest only, up from 0.6% in 2000.
43% of first-time home buyers in 2005 put no money down.
15.2% of 2005 home buyers owe at least 10% more than their home is worth.
10% of all home owners have no equity in their homes.
$2.7 trillion in loans will adjust to higher rates in 2006 and 2007.
70% of borrowers who took out pay-option ARMS in the past year have loan balances larger than their initial loan.
Homeowners face higher payments as mortgages are reset. Generally, monthly payments rise between $200 and $500 depending on the size of the mortgage. [tags]San Diego real estate, real estate market, real estate bust, home values, housing bubble, San Diego homes[/tags] San Diego cosmetic surgery
Market crashes always occur in the same manner. Regardless of the market, the same simple psychological underpinnings are always at work. People who are caught up in a bubble never look back for historical examples. For this folly, they become paupers.
“Those who cannot remember the past are condemned to repeat it.â€
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The Credit Blowup is in progress.
Meltdown…….the free phoney loans gone and so will speculator and builder demand….
PLUNGE!!!!!!!!
40% house price drops around the corner.
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CNN poll shows 70% of respondents predicting either that regional bubbles will burst or there will be a nationwide RE crash
Only 30% say soft landing or unsure.
Looks like the masses believe in the bubble
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In 2004 and 2005, the reigning cliché was that real estate had entered a new world of “no supply.”
Now, a record 3.85 million homes are up for sale, and buyers are getting scarce.
No, the world hasn’t changed. And the myths haven’t changed either.
Next time, don’t believe them.
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