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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (79360)2/27/2007 12:44:02 PM
From: John Vosilla  Read Replies (1) of 110194
 
A simple thought is we have record foreclosures in places like Georgia, Texas and Colorado the past couple of years in a low rate environment with easy access to credit. Now these are fast growing areas with good economies. The common denominator is flat home prices for years so the public especially those that have to work paycheck to paycheck from the upper middle end to the bottom was addicted to toxic loans and wasn't bailed out by appreciation like along the coasts. Now the same thing is happening along the coasts only mortgages are anywhere from 2-5 times greater without much higher wages. You or I don't have to be a brain surgeon to figure out what happens next even if the overall economy and interest rate picture remain solid..Obviously many 'suits' on the street aren't brain surgeons<g>
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