Tuesday, October 17, 2006
On today's All Things Considered, NPR's Scott Horsley reported on Bargain-Hunting in San Diego's Real-Estate Slump. He interviewed real estate auctioneer Bill Shepner, who offered this gem.
If you're looking for the next foreclosure, follow the Hummer. A lot of these Hummers were paid for out of equity lines and refinances -- and the Lexuses and the Mercedes.
Their income maybe was never enough to afford the loans, and their adjustable-rate mortgages are kicking in, and there's going to be some blood flowing in the streets.