Disturbing report from the BBC. <object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/CnnOOo6tRs8&hl=en"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/CnnOOo6tRs8&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>
If they couldn't afford their mortgage payment, why can't they just move into a cheaper rent apartment? The story purposely and somewhat disingenuously inter relates problems with the housing market with troubles in the economy. Basically, a person who cannot afford their mortgage payment, but still has a job, can move into an apartment. But if you have lost your job, then its just a story about regular homeless people living in an outdoor camp site.
In LA? 20 years ago, the State of California gave tax relief to renters making under $35k/yr (which wasn't a terrible salary at all ... worth about $65k now?)
They should move to some place where house is cheaper like here in Indiana! Medium home here is only 120-130k.
