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But presumably these "working class" peopel had a morgage that is highly leveraged - did they not see the diference?

• 16s 14y ago
  33% (or slightly more) of homeowners have no mortgage at all. Edit - Some sources: http://www.ritholtz.com/blog/2012/04/debunking-the-housing-recovery-story-part-1-of-5/ http://www.ritholtz.com/blog/2012/04/debunking-the-housing-r... http://www.irishexaminer.com/ireland/kfsneyqlidgb/rss2/ http://www.irishexaminer.com/ireland/kfsneyqlidgb/rss2/
  • mjwalshe 14y ago
    Well don't forget that in the USA housing is reltivly cheap.
    • mjwalshe 14y ago
      Realy moded down try looking at house prices in London compared to SV before you pull the trigger
• roc 14y ago
  That's precisely it. Normal people interpret loans as loans. Bank has money. Bank loans money. Bank makes interest to get more money. They're participating in the system, and not only do they have no clue how it works, but believe it works in a way that it hasn't for generations.