Buy a Brand New Home - Six Months No Payments Financing - Limited Time Only

By Lance Winslow

So, I am reading thru the newspaper the other day, yes with a pair of scissors and a highlighter, that's me, you know the type. Trying to keep a pulse on society, consumers and various industries, government agencies, politics and information, but unlike other people you know who do this, I have an excuse. I am the coordinator for the Online Think Tank, amongst other endeavors. Plus, you know it also allows me to monitor the mass media hysteria over the real estate market.

Anyway, yes, well, I am reading this ad in the Real Estate section of the LA Times, yes, they still have a real estate section, ha ha ha. One article in the paper, a PR fluff type article reads:

Six Months, No Payment Financing Attracts Savvy Buyers to Custom Homes

Is it just me or does anyone else see the problem here? First, off it is stuff like this that got the real estate market in trouble in the first place, apparently no one is learning any lessons here. Next, sure, it is a safer bet for the builder and the bank now with interest rates low and being close to the bottom to try this, but, please, its starting to sound like a GM, Ford or Chrysler Commercial to sell you an overpriced 2007 close out SUV?

Personally, I am almost surprised that the article did not have a tagline. After six months, you can make the first 10 payments with a special credit card offered by the builder's bank? Do you see what I see? Does it bother you? Do you think it is wise? Do you see this as a last ditch effort? Americans need to overcome these debt traps, but all too often they allow their need for instant gratification to get the best of them.

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