Big Trouble for the Economy in 2007?

There is a lot of different ideas about the 2007 economy floating around. From the Mortgage side we feel it will be a very difficult year. The housing market has the ability to drag the economy down like a lead weight around its neck. We keep hearing we may be at the bottom but the truth is there are BIG layoffs coming in the next few months in the housing Industry. Many of the Builders are finishing up the OLD projects and there is not much on the drawing board. This can have a large economic domino effect and will filter down into the other sectors of our economy. The other problem is there are starting to be problems in the banking community as some of the risky loans made are having serious problems. The mortgage business will now face the problems head on because of the "easy" mortgages they have made for years. We see Large problems on the horizon ahead so be careful what you buy and what rate you get. Go with a 30 Year fixed and stay away from the Arms and the trash loans being offered out there. Do not put the Lead weight on your own head.