BTW,

Bush and administration has nothing to do with historic numbers in home ownership, it was Greenspan.

His continual lowering of the prime rate was intended to revitalize the market but institutional and private investor confidence remained low and monies remained unvested. It trickled into to the lenders, which produced today’s historic low rates.

Here’s the scary part if the economy isn’t revitalized to an upward trend.

Interest rates are going to climb, new home sale percentages will lessen and property values will take a downward curve. As the in the mid 80’s, property values will subside and folks are going to be faced with the harsh reality that their mortgage is equal or more than their property value.

Still after reading today’s announcements that thousands of folks will be laid off by Bank of America and AT&T it doesn’t look hopeful for a recovery anytime soon.