The housing market is in disarray, and now interest rates are rising — bad news for the American economy, especially those already facing hardships.
The rise in rates is of greatest concern for homeowners whose mortgages required
them to pay only the interest on their loans for the first few years. If such
borrowers are unable to refinance into lower-cost loans, many of them will face
the prospect of having to pay both interest and principal at higher, adjustable
rates.
Or lose their homes.
But that’s not all. Fuel and heating costs are moving beyond what most Americans can afford and politicians — especially the empty suit in the White House — are dithering and pandering, their solutions little more than handouts to the oil industry at a time when we need to be addressing demand.
And then there are food prices. Milk and other staples are rising here, but they are rising even more quickly around the globe.
Taken together, things look pretty bleak — but the president offers crumbs.
Hank Kalet 