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What are your thoughts on the current housing market?

What are your thoughts on the current housing market and interest rates? What do you think really happened to cause so many foreclosures and what do you think can be done to correct the problem? Do you think the government should interfere?

Public Comments

1. Really, really sad. Interest rates usually go down during bad market seasons. Heck yes the government should interfere. Most of the foreclosure issues have been because of the type of mortgage homeowners were getting. Basically, lots of lenders were preying on poor and lower middle class families. They'd hook them up with these adjustable loans with really really low interest rates that enabled them to get the house in the first place. Then after time went by the loan would "adjust" to a higher interest rate. Again. And again. And again. Eventually the homeowner could no longer afford the loan. Its pretty sad.
2. No, government shouldnt interfere. Bubbles all over but not everywhere. Many bubbles created from flipping houses and many more people see a buck to be made in real estate than in years past.