2007-08-16 13:38:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Investing
Where have you been? All you need to do is watch the news, read the newspaper or look at Yahoo news instead of Yahoo answers!
The bubble done burst!
2007-08-16 14:00:22 · answer #1 · answered by hoa_craig 2 · 0⤊ 0⤋
In October of this year, the number of mortgages with rising interests rates will peak. And this probably means that this year, more and more people will be defaulting on their mortgages because they won't be able to pay the new fees.
Perhaps some people will struggle and pay for a while. But they'll be hanging on by their fingernails. And sooner or later many of them probably will default.
And if the unemployment rate starts going up. Then even people with good credit ratings will start to default. There is no way a guy can make mortgage payments when he is out of a job.
I think the worst is still to come. But how bad it will get will depend on economies of other countries where USA is exporting its goods and services. If they stop buying, then USA will loose jobs. And that may start the ball rolling towards a nasty recession.
2007-08-16 14:07:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The housing bubble is bursting right now. The bang is not over yet.
2007-08-16 16:45:48 · answer #3 · answered by johnfarruca 2 · 0⤊ 0⤋
Gee, I thought that most places it already had
2007-08-16 13:48:21 · answer #4 · answered by Judy 7 · 0⤊ 0⤋