ABC: Housing slump defines '07

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Uploaded by on Jan 12, 2008

ABC News story Dec. 27, 2007 on how the housing bust was the defining story of 2007.

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News & Politics

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  • Oh I cant spell its euphemism! I knew I should have taken that Harvard offer!

  • I love to be called sub prime!Its a lovely euphamism for normal working people trying to make a living!We have had a two tier system for ages.What the wealthy bankers really want to say is the "poor scumbags" market.They were advised it would be better for the image if they called it sub prime!

  • If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.

  • Notice she says "[housing slump] will be the biggest financial story of 2007." 2008's story will be bigger.

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