This video is getting wide play over the web today. It's an inside look at the booming foreclosure industry in California.
Alright, I couldn't squeeze the widescreen video clip on my blog.
Click Here to watch it.
The one homeowner said he paid $399,000 for his place merely three years ago. Today it's down to $189,000. So why should he continue making his $3,000 monthly payments when he could foreclose and re-buy his house for $1,000 a month???
Yes, this might very well happen to the Northeast as well. Adjustable mortgages and gasoline did in California. It'll probably be home heating bills, taxes, demographics, and recession that clobber us here.