Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Stock Farmer who wrote (68916)	4/29/2008 3:08:16 PM
From: Elroy Jetson	of 74559

At least in Los Angeles I expect rents will decline along with home prices. The ultra-lax credit bubble has also produced an eye-popping array of new apartment buildings, most still under construction. Bank of America told it's shareholders last week that more than 55% of it's construction loans on apartments are not current or otherwise in default of one or more loan provisions. Probably the largest lender for new apartment buildings in Los Angeles, City National Bank is in serious trouble. The glut of apartments coming on line is that bad. .

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