The housing market has taken an interesting turn as people realize that almost no one in Michigan has the money to buy a house, nor the desire to buy a house, on credit.
I believe it is to our advantage as consumers that the mortgage industry has taken a bit of a fall. Now they cannot charge us unbelievable interest rates because they have no one left to rip off. What I find hard to believe is that lenders would lend to people who are not financially well off, charge them very high prices and then actually expect them to follow through. I find it even more unbelievable that our government would tolerate such bad business in the first place.
These lenders have not only loaned money to people who cannot pay but they are selling the bad debts, getting their dues and then running. It is the people at the end of the line who are being held responsible for their stupidity, dare I say fraud...
We may have a long way to go before we reach bottom but from the bottom, there is only one way...right back up. So, hold on to your seats ladies and gentlemen!!!