Housing bubble burst watch

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Atrios links to this BusinessWeek article on "Nightmare Mortgages": Option ARMs that tempt people in with a low initial minimum payment but that can hold nasty surprises later on. If the bubble does indeed burst, things could get very ugly for a large number of people. (Full disclosure: My wife and I are not homeowners, but we will probably want to become homeowners in the near future, so it's in our interest for housing prices to come down.)

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