Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday.
The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would.
…although the Democrats may not be entirely aware specifically why it’s such bad news for them. The very short version: having an underwater mortgage that you can’t pay off anymore sucks, no question whatsoever. Having an underwater mortgage that you can and are paying off sucks almost as much, only nobody in government cares. Which in and of itself is just life, and life ain’t fair; but if you happen to know that the same people in government who don’t care are also the schmucks that collapsed the housing market in the first place?
I.E., the Democrats?
Well. That encourages a certain amount of interest in election results. And there are a lot of people out there who react badly to the thought that they’re being penalized for following the rules.