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THe wall street journal says, “in recent years, the housing industry has bent over caught to allow people. TO buy houses they couldn’t earlier afford. NOw the bill is coming due. ” money magazine reports that home prices are going up five times as fast as particular income. “In fact, the market could not have run this far if not for the proliferation of interest only debts, which make it likely for people to acquirement more home than they could diversely afford. ” forbes warns, “get out now, because house prices on the urban coasts have peaked. THat’s the accord of experts, based on ratios such as house prices to local incomes. RIsing interest rates have started to put the brakes on house recognition. THe number of ‘for sale’ signs in california is exploding like spring pollen. ” and the daily inventorying says, “fannie mae and freddie mac are the lenders behind $4 thousand of housing loans. THese institutions are guilty of manipulations that make the folks at enron look like a bunch of boy scouts. THey’ve cooked their books, hidden huge losses, paid off politicians, and lied to financial backers every which way from sunday. “These giant lenders are in no assignment to weather even a small downturn. BUt the downturn has already started, and it’s not going to be small. WHen these big companies fail, it will rock financial markets. INterest rates will soar. “The main contrast between these scandals and enron is size. THe wealth that will go down the tubes this time is thousands of times greater. EVery singleinvestor, homeowner, and administration in the world will feel the shock. HOme buying could dry up because borrowers can’t get patronage. ANd anyway, who wants to buy a house that’s losing value?WAit six months and you can get it cheaper,people will figure. ” those of us who were in the real estate and advance market in the jimmy carter years know what that’s like. THose of you who weren’t around then have a big startle in store. ANd this one will make those years look like a picnic. “The declining spiral won’t stop once people stop catholic that realty always goes up. “Americans owe $7 trillion on their homes twice as much as 10 years ago.