The Phaserl


A Bull Market in $1,000 Faucets as Home Equity Loans Soar

by Michael Krieger, Liberty Blitzkrieg:

“People don’t want granite countertops — they want marble costing at least 25 percent more,” said Mroz, owner of Michael Robert Construction in Westfield, an affluent town less than an hour’s commute to Manhattan. “Money is so cheap today, people can splurge on $1,000 faucets.”

– From today’s Bloomberg News article: Faucets at $1,000 Abound as Home Equity Spigot Opens

It’s interesting, disturbing and pathetic that this article emerged so shortly after I highlighted the fact that there is about to be a huge, and potentially disruptive reset in home equity loans over the next several years. So while we are still dealing with the ramifications of the prior housing bubble and the HELOCs associated with that debacle, we are right back at it.

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