Quote:
Originally Posted by madmaxx
"But the media has a lot of people worked up when their mortages, their life style is not affected. Why partake in hand wringing if you are not at risk?"
I agree that is why the market dropping is of no importance to everyone except the ones recession proof, but the next aspect of people not buying cars, homes, and all associated equipment will cause the bleeding, layoff's etc. My company annouced hiring freeze yesterday and organizational changes by December with those affected notified by January. It is a 40 billion dollar company, or should I say was, now probably 24 billion. GM layoffs are around the corner, I am sure Ford and Chrysler to follow.
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Certainly there will be people that will have a hard time qualifing for the vechicle or house "they want", or trying to borrow more than 80% of the homes property value. It doesn't mean they will not be able to buy.
And it is a great time to buy a house right now. Values are down, and with good credit and a proper asset value to loan amout ratio, a loan can be had.
good discussion!
E