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Originally Posted by RED_PDXer
Agreed, this isn't that bad. I'm much more concerned about the global economy than the housing market correcting itself. Can't say I feel too bad for most people suffering a foreclosure now. If you can't afford, why'd you get it? On the contrary, I think the credit crunch could help condo sales by restricting loan amounts to condo prices.
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Really? One of the tenants of the American dream is to own property. PREDATORY lenders convince people that never believed they could own a house that they could, and without too much pain. I'm sorry, it isn't any different than insurance companies selling worthless health care plans in low income black neighborhoods, or those 'credit card' protection agencies charging the elderly hundreds a year to provide insurance in case of fraud, with the exception of $50 per fraud, which most banks already protect. These subprime loans were sold to consumers, many without full disclosure, due to lack of regulation.
Major banks in America are sucking hundred of billions of dollars from the Fed to keep them from going under. Tens of BILLIONS of losses are being reported bank by bank by bank. This is a crisis people! It might not be as bad as other points in history, it might be worse, but it is affecting the overall economy. And many lower income people are being raped over because of it, losing their homes, possessions, and having their dreams ripped away. It makes me sick in America that these people, those that are already learning their lesson, are told to deal with it, and we cheer when the banks stick it to them? I guess the Bush administration did change America over the past several years.
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Originally Posted by RED_PDXer
On the contrary, I think the credit crunch could help condo sales by restricting loan amounts to condo prices.
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Oh, and that's asinine. The Encore has been heavily marketed now for almost two years, and they've sold 12 condos. 3720 is opening late this year, and they haven't marketed one condo. Buildings are switching left and right to apartments because you couldn't sell a condo in Portland right now. I'm sure most developers would disagree with your observations.
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