Of COURSE It's Going to Hurt the Economy
Quarterly Foreclosure Rate Again Sets Record
Defaults May Hurt Home Prices, Overall Economy
Washington Post Staff Writers Friday, September 7, 2007; Page D01
The percentage of mortgages entering foreclosure rose to a record level during the three months ended June 30, according to a survey released yesterday.
The defaults left homeowners struggling to hold onto their houses and threatened to put added pressure on already-weakening home prices.
I don't understand all this blathering and concern for people who misrepresented themselves in order to buy something they couldn't afford or speculate on something they had no business speculating on.
Get a life, people. A greedy industry and greedy consumers conspired to enrich themselves and got caught by the fine print and an overheated market.
That's the housing and stock markets as they are designed to work. Brush your crocodile tears aside and get over it.