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Housing Bubble News, June 27, 2006

If you’re in trouble with your 30-year mortgage, why not take out a 40-year or 50-year mortgage or an interest only loan? That’s what a Newsday editorial is suggesting.1 Ugh! If you want to avoid having financial trouble, don’t buy a home bigger than you need. Note that I didn’t say “bigger than you want.” For most families, 3 bedrooms is fine — looking at the new 6 bedroom developments just miles from my home continues to shock me as my local banks report higher foreclosure listings than I’ve ever seen. Good job, Newsday. Read this entire article at the housing bubble site.