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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (45776)	11/17/2005 8:24:07 PM
From: Ramsey Su	Read Replies (1) of 110194

Ameriquest is either #2 or #1 in the subprime world. Since it is private, we don't know their numbers. That is their advantage. In theory, they can cut profit margin to zero to squeeze competitors out of the business. I heard a couple of loan packages were sold recently at very unfavorable prices. Since I have no way of verifying that information, I can't give it much weight. What I know for sure, from talking to two title companies today, is that San Diego and So Cal orders are down, both in closings and openings. Unfortunately, neither would give me exact numbers though they both sound worried. Last week, a title rep told me his business was down 25%. Through the middle of November, SD MLS reported just over 1000 sales and 1400 openings. This is a slightly slower pace than Oct closings of 2562 and certainly behind Nov 04 3133 closings. Days on market now is up to 60. Total number of listings is stubbornly staying just below 16,000. At current pace, this is now about a 7 months supply.

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