Hacker Timesnew | past | comments | ask | show | jobs | submitlogin

But presumably these "working class" peopel had a morgage that is highly leveraged - did they not see the diference?


That's precisely it. Normal people interpret loans as loans. Bank has money. Bank loans money. Bank makes interest to get more money.

They're participating in the system, and not only do they have no clue how it works, but believe it works in a way that it hasn't for generations.


33% (or slightly more) of homeowners have no mortgage at all.

Edit - Some sources:

http://www.ritholtz.com/blog/2012/04/debunking-the-housing-r...

http://www.irishexaminer.com/ireland/kfsneyqlidgb/rss2/


Well don't forget that in the USA housing is reltivly cheap.


Realy moded down try looking at house prices in London compared to SV before you pull the trigger




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: