I don't talk about work very much, but as I was sitting at my desk looking outside today I was reminded of one of the reasons we have a mess. Can you see the crane behind this church?
And, this building below? It's going to have about as many tenants when it's finished as it does right now. (And no, those people walking around aren't tenants. They're construction workers.) There are going to be more buildings than we have people.
And, more borrowers than lenders. And therein lies the problem. As all those loans that are out there today come due, not all them will get refinanced. Some of the borrowers should have never borrowed money to begin with and others just got caught up in the cycle of credit. Hold on...this year's going to be a doozy.
Here's traci's website and you can click her name on your blog comments and get her email I think:http://www.journeytojaden.typepad.com/watchingthemgrow/
ReplyDeletestill looking for my list. christmas happpened, you know?
and did you see the wSJ story about the lady with the $30,000 house and the $103000 loan?
I had her website forgot I could get her e-mail. (Traci, I was going to e-mail you more on cycling if I got it from coach.)
ReplyDeleteThe list was the list from class not your Christmas list
And I did see the article and another one about the maid in New York who had refinanced her shack about 4 times was in deep trouble. (Could be your same article - there have been a few.) What were people (banks and borrowers) thinking?
Let's just hope we have an easier time finding lenders...PRIME time in '09, right?
ReplyDelete