I read yesterday in the Wall Street Journal that there is a growing concern in the housing market. Many people now own houses that have no business owning houses. What I mean by that is that they did not put any money down (100% financing) and did not have the credit history to show that they can repay the debt.
In addition, with the increase in values of homes, many are now using the equity that they have in their homes as a sort of ATM. Borrowing the equity to finance the purchase of crap that they don't need.
I can remember driving around Broken Arrow (OK) this past summer. Many people had the garage doors open for what ever reason, maybe they were mowing the yard it dosen't matter. I remember seeing their garages so full of crap that they had bought that they were unable to get their cars in the garage. Think of the growth of mini storages over the past few years to have an additional area to store the crap we buy.
When will we learn that buying things will never bring satisfaction into our lives?
Your thoughts on Mitt Rommeny not running for re-election
Posted by: Joe | December 14, 2005 at 11:43 PM