Friday, October 12, 2007
I See a Trend
Understand that nobody who got a high interest rate loan in 2005 refinanced in 2006 into another high rate loan. $5.7 billion in the last two years. Those kinds of numbers are hard to grasp. Think about it instead as $40,000 of debt per household for every family in the metro area. 18,128 loans. $5.766 billion. $318,000 average. One out of eight households. Talk about swimming naked.