Private households bought bigger houses than they could really afford counting on growth to raise housing prices.
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In addition, utility payments (blame bigger houses and higher electricity rates) and health care expenditures increased (insurance premiums nearly doubled).
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Low interest rates are a godsend to consumers who borrowed at low teaser rates to buy bigger houses than they could afford.
Homeowners who faithfully made their mortgage payments demanded to know why others, who defaulted after buying bigger houses than they could afford, were not thrown out on the street.
Too many of us kept buying bigger and bigger houses, and second homes, while borrowing all the money to do so, secure in our understanding that for Americans life keeps getting better and we all get richer.
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That year, when we approached one of the bigger houses a house known to have the best candy but with 10 tall cement steps leading to the front door my fear of heights stopped me cold.
Another reason these ventures believe they can have more credibility is that most of the bigger investment houses providing research are tied up to various corporations or investment bankers, making their analysis supposedly biased at times.
However, on Nov. 2, there were even substantive changes in the Senate and bigger changes in many State Houses and Governors.
Despite the misleading personal savings rate (negative because it arbitrarily excludes gains from income), the U.S. has more household financial savings than the rest of the world combined, an even bigger lead if tangible assets like houses and cars are counted.
This, in turn, unleashed a succession of takeovers by even bigger organisations, the giant American finance houses.
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UBS, may soon decide that the best, or only, way to catch Wall Street's ten or so biggest houses is to risk a much bigger chunk of capital and buy one of them.
Since these are hardly growth industries, trading houses are also sniffing around for businesses that offer bigger profits, such as information technology and biotechnology.
Many of Scotland's councils have warned that they have very few one bedroom houses, meaning they have to house single people in bigger homes.
In Christchurch, Mayor Bob Parker said rebuilding houses could take another two years to complete, while bigger projects such as a hospital, convention center and performing arts center may require six.
Karen Dynan, co-director of economic studies at the Brookings Institution, thinks the effect may be bigger this time round because of the decline in the value of houses, which for most families are a larger source of wealth than stocks.
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