My neighbor for example is selling her home, already bought a new one, her mortgage on this one probably rises monthly and now .... she has two to pay
She really can't blame anyone but herself for buying a new house before she sold the old one. Poor choices are poor choices.

I agree with you about the variable and interest-only loans. Some people do NOT consider all the possibilities when making such decisions. The fact that the interest rate could rise (will rise) is often discounted in favor of having the newer or bigger or lovelier place. Add on people financing cars for 7-10 years these days, and all I see in our economy is a house of cards that many in middle America have built. One foul wind....

Karen