Friday, August 10, 2007

Housing Market

According to the latest news, the housing market is suffering from a crushing blow to the economy. The Dow was down a second record loss for this year yesterday. Investors are fearing the slump and thus jumping off the boat of investing dreams. Hmmm, I again will complain that if our property taxes are up and the real estate market is down; well, that just doesn't add up. Again, I am praising the Lord that we even have a place to live in and a comfortable one at that.

What never ceases to amaze me is those people that get into a big fancy house with an ARM loan. I think they call it that because little do those poor souls know that it really will cost them an arm and sometimes even a leg. When the time comes that the rate is adjusted and the mortgage payments are astronomical and impossible to pay for the homeowners find themselves trapped. There are so many homes in foreclosure in the state of Texas that now there is a phone number that families in this situation can call to get help making the mortgage payments. It's a vicious cycle.

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