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Comment: Re:The American Dream (Score 1) 570

by AmazingRuss (#47566233) Attached to: 35% of American Adults Have Debt 'In Collections'

That's exactly why another price collapse is on the way. The market has run out of people who can just barely afford these prices, and is once again pulling in people who just can't afford these houses, but get government backed loans anyway.

The result will be the same as last time, a major price crash, the people that could afford it get fucked on equity, the people that couldn't afford it get fucked out of their down payment, and the taxpayers get fucked when all those loans the government holds go tits up.

Who does the fucking you might ask? The banking system, which gets truckloads of risk free money off the whole affair.

Comment: Re:The American Dream (Score 2) 570

by AmazingRuss (#47565505) Attached to: 35% of American Adults Have Debt 'In Collections'

What's the biggest debt most people have? A mortgage.

How much does a mortgage cost? Nearly double the house price.

What makes a mortgage even remotely considerable, given that most of these houses could be rented cheaper? The idea that your house will gain value to cover the interest expense.

Who pays this higher price? The next schmuck, who gets an even bigger mortgage.

We hit the ceiling on this pyramid scheme in 2007, and are in the process of hitting it again. Incomes haven't risen to supply the next round of greater fools.

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