NOW reports on the real estate bubble and asks, is it about to burst?
The boom in real estate prices in America is being fueled in part by interest-only mortgages that are flooding the market with easy money for home buyers. Are these mortgages fabulous new financing tools that are helping more Americans buy homes, or are they a dangerous symptom of a housing bubble that is about to pop? On Friday, August 26, 2005 at 8:30 P.M. on PBS (check local listings), NOW travels to California, where housing prices are continuing to explode, to investigate the risks and benefits of new financing vehicles that are enticing buyers into bigger houses than they ever thought they could afford.
Bill Maher chimes in on the housing bubble in the LATimes:
I don't want to say there's a housing bubble, but I had a refrigerator delivered this morning and a homeless guy offered me $3 million for the box.
And do you know who holds most of our national debt? Asians. The only thing standing between us and foreclosure is the fact that Angelina Jolie is holding most of their children.
But I digress. The point was about how supposedly intellectual, superior coastal elites are the ones dumping thousands into mortgages they can't afford, proving once and for all how much people will pay not to live in Kansas.
What don't Americans get about "you're only rich on paper?" If there's one thing that Republicans schooled in the ways of Wall Street have taught us, it's this: Don't spend money you don't have; spend money other people don't have.
Go read and have some fun.