Economic Update

[usetosellhummer]

My paycheck cleared the bank

I've still got money to burn. Although gas prices at $3.19 for regular are no fun here.

[bparker]

I hear we are about to see a huge onslaught of repos over the next 5 years.

I even got a invite from Donald Trump as he is traveling and speaking about this very "opportunity" that we are about to see due to our economy being so bad.
(if you want to see the invite from the Don himself, I will scan it and post - I also have two tickets to attend but I will not so they are up for grabs if anyone wants them)

My mom's really good friend has been in realestate for about 25 years and owns a large Coldwell Banker outfit and has predicted the same. She said we are about to see a huge number (compariably from the past) loose thier houses.

And the fed historically likes to do too little, too late. Hopefully they are paying attention.

[Adam in CO]

Agreed. We have been facing a major foreclosure problme here as it is. Highest in the nation until recently and triple the national average. However, these are the people who weren't credit worthy to begin with. Wait till the credit worthy ones can't get out of their ARMs in the next few years because they have no equity, didn't save any money that they should have been with a lower mortgage payment, or live in a depreciating area. I think something 3.25 trillion in ARMs comes up this year alone. It will be bad. Thank god I never have to represent someone trying to sell a home.