-->und im Report ein paar schöne Graphiken:

As you can see in the following chart, historically the use of adjustable rate mortgages usually accelerates when interest rates rise, as would seem rational. But recently, those taking on new mortgages are going adjustable at close to the lowest fixed mortgage rates of our lifetimes. Clearly, this phenomenon is happening for one of two reasons. Either home buyers are absolutely convinced interest rates are going even lower, or a good portion of current buyers are no longer able to qualify for higher cost fixed mortgages, despite their incredibly low absolute rate levels....

From our perspective, the thought that households have substituted tax advantaged mortgage debt for non-tax advantaged consumer credit is complete garbage. A simple look at the facts from the Fed's own data tells the story. Both have accelerated in directional similarity....

From the office of the State of California that issues real estate licenses, here it comes. Real estate licenses issued by the State increased 44% during the 2002-2003 period (47,000 new licenses issued). Relative to the 2000-2001 period? Licenses issued are up 95%. That's right, a doubling in less than four years. Remember, this is not the number of total realtors, but rather the number of new licenses issued.
<ul> ~ http://www.contraryinvestor.com/mo.htm</ul>