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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Jim McMannis who wrote (82722)6/14/2007 11:29:05 AM
From: Les H  Read Replies (1) of 110194
 
"Deflation not happening. Housing prices not counted on the way up so not on the way down. As for lost jobs, a lot of them were under the radar anyway, illegals, sub contractors, cottage (cash). Not all but a lot."

Also, some of the housing inflation was deferred through cheap official interest rates, teaser rates, and interest-only loans. As homeowners refinance or their payments automatically reset, the true long-term cost starts to show up in the monthly payments.
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