eFinance ran a great piece back in July illustrating the widening gulf between home prices and wages, and it’s a scary look at what’s happening with the housing market right now.
Foreclosures are up all over the country, the sub-prime market is flailing, and families are mortgaging themselves into bankruptcy, while the ‘cure’ I keep hearing over and over again is simply ‘lower the interest rates’ which, while I’m sure it might help as a short term stop-gap, certainly doesn’t address the more important (and long-term) problem of stagnant wages.
Thanks to Keanon for the link.
