http://www.fhaloanpros.com/2008/08/two-more-years/ The Unofficial Guide to FHA Loans & Mortgages Tue, 06 Jan 2009 22:12:51 +0000 http://wordpress.org/?v=2.6 http://www.fhaloanpros.com/2008/08/two-more-years/#comment-31399 Allan Mon, 08 Dec 2008 23:26:59 +0000 http://www.fhaloanpros.com/2008/08/two-more-years/#comment-31399 I was advised by a real estate agent that FHA mortgage loans were not available to people over 55. Do you know the law on this and could you direct me to the appropriate website? Thank you. I was advised by a real estate agent that FHA mortgage loans were not available to people over 55. Do you know the law on this and could you direct me to the appropriate website? Thank you.

]]> http://www.fhaloanpros.com/2008/08/two-more-years/#comment-23424 jdj Tue, 26 Aug 2008 01:15:22 +0000 http://www.fhaloanpros.com/2008/08/two-more-years/#comment-23424 The fact that the current foreclosure problem can even be compared to the problems in the Great Depression -- when the unemployment rate today is below 6% and during the 1930's it was 25% -- really speaks to how large this bubble was. Simply put, nothing or no one, not even the federal government can make $1,000,000 bungalows (with bars on the windows) in west Los Angeles seem affordable until the prices are affordable. That means prices must come down in line with incomes and comparable rents, because we all know that real incomes are not rising and banks aren't going back to liar loans anytime soon. The fact that the current foreclosure problem can even be compared to the problems in the Great Depression — when the unemployment rate today is below 6% and during the 1930’s it was 25% — really speaks to how large this bubble was. Simply put, nothing or no one, not even the federal government can make $1,000,000 bungalows (with bars on the windows) in west Los Angeles seem affordable until the prices are affordable. That means prices must come down in line with incomes and comparable rents, because we all know that real incomes are not rising and banks aren’t going back to liar loans anytime soon.

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