17 March 2014


A story out today, "ARMs are back! Reverse mortgages too! Is this housing bubble 2.0?" contains this prized morsel of wisdom:
"A typical first-time homebuyer may be unable to afford a typical home in the near term, if mortgage rates and home prices continue to rise without sufficient increases in income," writes Orawin Velz, director of economic and strategic research at Fannie Mae.

Well, Duh??? Where was s/he in 2003?? Has Mr. Housing-Market been popping those blue trapezoids again?

Santayana and Pete Seeger had something to say about all that.

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