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  Posted By: Julesvern @ 03/05/2009 7:45:36 PM

  As oil rose in 2008, the already indebted homeowner had to decide to buy gas & food or pay their mortgage and credit card debt. It worsened; no one spoke about it, and the bubble burst. We are all guilty of not facing dependence on foreign oil and allowing America's political & business leaders to open up free-for-all, non-level trade causing a mass job loss in pursuit of profit to the top 5% for gains of cheap labor. The bubble had to burst, even irrespective of the credit default swaps.

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  Posted By: rangerone314 @ 10/21/2008 10:03:48 AM

  Oil dropped because the price had gotten too high ($147) causing the speculation bubble to pop, and has further dropped more recently because the demand is going down because the economy sucks.

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  Posted By: greasemonkeyfreak @ 10/20/2008 9:18:24 PM

  We purchased our home in Houston, THE NATION'S 4TH LARGEST CITY, in 2005. We made a wise purchase and got a 5,000 sq ft 19 room estate home on 1/3 acre with inground pool for $198,500. We just got our mortgage modified and were able to negotiate 5.6% for the remainder of the loan. Part of this process included an appraisal which came back at $315,000. Like most of the metro area our home has seen an increase. Fortunately unlike the oil bust and S&L crisis of the late 80s and early 90s, Houston is seeing homes hold steady or increase and as the city is adding 100,000 plus jobs a year growth is projected into 2012. Finally we were in the right place at the right time.