[FoxV]

and just to add to that, here's a great little site that goes into the details of some of the better flops of CA

RealEstate Haircuts

lots of fun

[Cynus]

That realestatehaircuts site is unbelievable and amazing. Why haven't there been more bank failures yet?

[Harlequin]

I put it down to a scenario like a drunk man trying to move across a tightrope, he's already lost his balance, now it only takes a little time more to make him fall.

[FoxV]

$this->bbcode_second_pass_quote('Cynus', 'T')hat realestatehaircuts site is unbelievable and amazing. Why haven't there been more bank failures yet?

[firestarter]

The 10yr note is almost at 4.9% ( in Dec. is was at 4.4%). A development the ARM holders didn't want to see. We should finally see the death march commence for most large home bulider stocks. Bang the drum slowly.

[auscanman]

I've seen a lot of articles in the Canadian press recently either trying to reassure the public that we won't experience the full brunt of the housing crash up here, or trying to convince the public of just what a great investment 'buying' a home is over the long run. One article in the Star showed the sort of desperation there is to keep this charade going: Housing Up 264% since 1981!! . I'm sure this may have been enough to put a few concerned individuals about to buy a house at ease, but even pointless articles like this in the media won't be able to prevent the collapse.

In the past 3 months or so I've noticed 'For Sale' signs have virtually disappeared in Toronto. Seems there's a nasty positive feedback loop of owners unwilling to accept market values lower than what they expected, and prospective buyers waiting for there to be clear indication that market has bottomed out before buying, resulting in very few transactions. What will happen to GDP growth when all the 'capital' created by selling the same houses for ever higher prices evaporates?? Should be pretty devastating to the economy.

[TreebeardsUncle]

Hi.
Well, the results will be clear this summer when more houses come on the market. There is too much denial on the part of still solvent sellers for there to be a fast crash. It will be more of a slow burn running through at least 2008.
g

[Tuike]

I can't open the Real Estate Haircuts blog anymore. It says "not found" when I try to go there. It opened last weekend just fine.

[FoxV]

$this->bbcode_second_pass_quote('auscanman', 'I')'ve seen a lot of articles in the Canadian press recently either trying to reassure the public that we won't experience the full brunt of the housing crash up here.

[Cynus]

http://www.originationnews.com/plus/#3
Countrywide chief executive Angelo Mozilo estimates that 40 to 50 subprime firms are going out of business each day, a trend that likely will continue all year. During a conference call discussing Countrywide's earnings, Mr. Mozilo -- in response to a question -- said analysts are seeing reports of two to three firms failing each day, but that the number is much larger. Addressing the carnage in the subprime sector, Mr. Mozilo said, "I think we have a way to go on that."

[IslandCrow]

$this->bbcode_second_pass_quote('Cynus', '
')Countrywide chief executive Angelo Mozilo estimates that 40 to 50 subprime firms are going out of business each day, a trend that likely will continue all year.

[FoxV]

another interesting knock-on to look at is the hedge funds. They have been big buyers/extorters of MBS.

Does anybody have any links to how the hedge fund world is handling all this.

(btw, a not so interesting knock-on effect is that pensions have been big MBS buyers as well. Fortunately PO.com has just the emot to describe what this all means for the baby boomers...)

[scienceteacher]

This is the best site for housing collapse news - they called it over 18 months ago and have correct on every aspect of this impending catastrophe: how, when, where, who and why. http://housingpanic.blogspot.com/

[FoxV]

btw, don't forget to add the Implode-O-Meter to your list of sites for bubble watching.

It gives you a nice quantitative look at how deep this is cutting in.

[MonteQuest]

$this->bbcode_second_pass_quote('scienceteacher', 'T')his is the best site for housing collapse news - they called it over 18 months ago and have correct on every aspect of this impending catastrophe: how, when, where, who and why. http://housingpanic.blogspot.com/

[pup55]

I will relate it to oil for you.

The irony is that a lot of these "minority" buyers came from areas that were well served by mass transit, and checked out to go to suburbia, which meant that they greatly increased their transportation fuel usage when they got the "american dream".

I wonder how many of these so-called subprime buyers would have made it if they did not also have to come up with extra money for the car and gas and insurance and maintenance.

[NEOPO]

What MQ was trying to say was to please try and make your threads posted in the "Depletion Economics" section specifically about and/or related to Oil depletion please as otherwise the board/forum gets pretty messy pretty quickly.

Is it borderline begging if someone says please twice in the same sentence or just real polite?

[MonteQuest]

$this->bbcode_second_pass_quote('pup55', 'I') will relate it to oil for you.
The irony is that a lot of these "minority" buyers came from areas that were well served by mass transit, and checked out to go to suburbia, which meant that they greatly increased their transportation fuel usage when they got the "american dream".
I wonder how many of these so-called subprime buyers would have made it if they did not also have to come up with extra money for the car and gas and insurance and maintenance.

[I_Like_Plants]

A good site is http://www.anotherfuckedborrower.com it's got a blog on there too, Fucked Borrowe's are called FB's there hehe.

[emersonbiggins]

$this->bbcode_second_pass_quote('', '[')b]Six-month halt to foreclosures urged
Civil rights groups call for moratorium; want lenders to help borrowers April 4, 2007
NEW YORK - Civil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages or face lawsuits.
A coalition of advocacy groups said mortgage lenders should immediately halt foreclosures on so-called subprime mortgage loans made at high interest rates to people with weak credit histories.
The groups, at a news conference in Washington, D.C., said a predicted wave of foreclosures stems from “reckless and unaffordable loans” for which investors bear some responsibility. They also said lenders, real estate agents and investors who bought subprime loans could face lawsuits under a federal law prohibiting housing discrimination.
More at MSNBC article