As I have mentioned elsewhere, I have grown to love the WSJ's excellent reporting and analysis . Today is a shining example of why I am an avid reader. They have a front page analysis on subprime and high rate loans. They go into lots of data, and the website has even more interactive features.
Unlike many new outlets, the WSJ doesn't rely solely on anecdotal quotes and NAR provided data (although even they have been guilty of this at times).
Their independent analysis confirms what I suspected upon moving to Sacramento.....that it wasn't just subprime borrowers who are in trouble. Mortgage related woes are affecting affluent families that used high rate loans to get into houses and neighborhoods they couldn't qualify for under conventional financing.
Based on their analysis of when, and in what quantity, these loans were made....they suggest "that the pain could last through next year and beyond, especially if housing prices remain sluggish."
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