If you factor in a slowing economy the number would be larger. The ultimate decider of whether you can make your mortgage payment or not is your job.
More Quotes from Edward Leamer:
I think it's a very good thing. I never understood why (Federal Reserve Chairman Alan) Greenspan was encouraging people to go into short-term mortgages, because of the risk they entailed.Edward Leamer
Some jobs in manufacturing might well disappear as a result of weakness in housing, but this may be offset by jobs brought home or not lost to foreign competition.
Edward Leamer
Currently we have construction job levels reaching toward the ceiling but manufacturing jobs are virtually at the floor. With hardly any room to fall further, it doesn't seem likely that problems in housing and in construction will spread to manufacturing this time.
Edward Leamer
There's no question that the Fed should have much earlier raised interest rates, not to kill the housing sector, but to keep it sustainable.
Edward Leamer
But houses are exactly the same now as two years ago. There is no 'new economy' when it comes to homes, ... an easy call to make.
Edward Leamer
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