Quote:
Originally Posted by Rathji
So this is due to variable interest rates rising then?
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Yes. It's not just the value of the home that's changing, but payments became dramatically higher due to horrible interest rate changes on people who really couldn't afford it.
Joe Blows everywhere were already paying most of their monthly income into mortgages, and then all of the sudden their $3000 payments became $5000/mth and they were screwed.