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February 11, 2009

As goes the housing market …

The Star printed a map of the United States showing where housing prices have declined (2/6, A-1). You might want to tell your art department to hang on to that map. I believe it can have multiple uses. You won’t have to change a thing.

The uses could include: concentration of illegal aliens, highest crime areas, longest wait times for emergency rooms, concentration of gang activity and most uninsured motorists.

Jim Schnacke
Merriam

Comments

solomon

BuddyT, you idiot.......

No matter where you get your information you should at least question it when it gets ridiculous. To qualify for even the most predatory sub-prime loan you would need a DTI (debt to income) of at most 45-50 percent. Considering that there have never been loans made at low interest rates in these cases you are looking at DTI around 55-60% before any other consumer responsibilities.

There are no documented loans in America where a minority proving an income of 26k was able to purchase a 300k home, and you should be ashamed to be so friggin' stupid to repeat it.

BudRog

Oops somebody played the race card before Old RC himself!

An interestin article in the Journal a few weeks ago re:the foreclosure rates in some Hispanic California neighborhoods, about 50% as I recall. The funny part was that the Hispanic coalition demanded "fair housing" in Congress. Folks earning less than $26K per year were "qualifying" for $300,000 plus homes! Now they are being foreclosed upon, can you imagine?

Another fine example of "govenmnent oversight".

NoMoreMrNiceGuy

Doesn't s decline in prices represent what Barney Frank calls "affordable housing". If housing costs less that should make it mroe affordable. Illegals should have an easier time this go round as they are now eligible for SCHIP.

Marctnts

What's this guy going for? Is he trying to say that the declines in property values are due to sickly, violent, broke (no insurance), gang affiliated illegal aliens?

I wonder if it was "their" fault when the values in these areas were skyrocketing a few years ago. For the most part, the areas that are struggling the most now are doing so because they had the most rampant and unsustainable growth before that.

jack

This letter has a certain smell about it.

 
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