Mark what I said was that most of the adjustable rate mortgages were on homes of higher value. Were there some lower income people who took em? Sure. But most of the housing meltdown was not cheap homes. Close to 75% were home worth 250K or more. I will point out that most people who could afford a 150K home back in 15 years or so ago had enough of an education that they should have known better. And I just looked, median price of a home in Detroit MI in 2008 was 34,500. Now maybe they were worth more in the burbs but in Detroit they were not worth much. In fact according the the US government the average value of a home foreclosed on during the housing meltdown in 2008/09 was 242,000 dollars. That's the average value. According to other research Detroit was in decline for 30 years prior to the meltdown, had much higher than average poverty rates and declining home values even back then. Funny how Detroit has had lib leadership for 53 years and has been in decline sense the 70's?
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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