Not everywhere.
Texas law, for example, prohibits a home mortgage for more than 80% of the appraised value. Many homeowners in my state were hit along with the rest of the country, but we didn't have anywhere near the percentage of defaults as were seen elsewhere.
Shows what you know. Why we are just now recovering from our preimer social event - The Harris Count Livestock Show and Rodeo. The attendance at the show exceeds the annual attendance of the Texans, Rockets, and Astros. Combined.
Pet the llama. Tease the bunnies. Marvel at the size of a thoroughbred race-horse or Angus bull. Tormet the chickens. Hear so much country music your teeth get loose.
The show only happens once a year, but it takes six months to get ready (new custom boots, etc.) and six months to get back to normal.
On the other hand, we didn't build the first air-conditioned sports stadium to be ostentatious (well, maybe a little bit). It was required.
Texas doesn't have an income tax either. There are nine states so situated.
In addition to the above three, the remaining ones are:
Alaska New Hampshire South Dakota Tennessee Washington Wyoming
Yup Texas is usually declared a primary residence state. My in-laws officially lived in Texas, and were summer residents of Minnesota after they retired.
Right now Austin is doing very well. :)
You mean shortage of real estate.
Yea, I question that comment as well.
If you take tornadoes, hurricanes, flooding out of the equation, your left with temperature extremes (winter vs summer) difference between the UK and US/Canada, and build quality (foundation, type of exterior siding, quality of windows/doors, roof type).
I have the impression that there are more people (higher percentage) living in appartments in the UK (vs detached homes) than in US/Canada.
Google doesn't cut any "crap" (previously posted material). It just doesn't display excessive amounts of quoted material. But when you reply, it doesn't automatically remove the excessive amount of quoted material either.
Actually all of the things pointed to in the disaster, from repeal of Glass Steagal to the changes in Fannie and Freddie were ALL done by Congress and ALL done by huge bipartisan votes (heck the final vote on G-S repeal in the Senate was by a voice vote). This was very much an entire government program with heavy support from both sides... at least until the shit hit the fan.
And yet they were in line with those in the Euro zone, Japan, and even Canada. So many countries in the low interest rate conspiracy?
Clearly the FED should have paid attention to the bubble in housing prices. However housing prices were probably the only thing arguing for higher interest rates at the time. Inflation was low, the overall economy was growing at a reasonable rate, but not running like a freight train.
============ Bush seeks to increase minority homeownership
Japan was already at zero percent for more than a decade.
Everyone else had to lower their rates to prevent their currencies from rising in value (relative to the USD) so that their exports weren't killed.
It's been called a "race to the bottom" and a "currency war", and it was really started by Bush and the need to absolutely prevent interest payments caused by the ballooning debt from crushing the economy and needing to increase federal taxes.
Sad but true If it did we would see blank posts from you.. Sad indeed.
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