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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Think4Yourself who wrote (84772)8/9/2007 8:26:34 PM
From: Broken_Clock  Read Replies (3) of 110194
 
I don't think they can overshoot to the negative side. Cramer probably nailed it right when he said they will ALL lose their homes in the end(100%, ARM, whatever). I see a bubblecondo here that was sold on 06 for 949k. 8 months later Deutsche took it back on the 1st at auction for 780k. The 2nd got hosed for 190k and just vaporized. Been on the market almost a year now and is down to 639k. BUT, a slightly inferior unit just closed at 600k and an underwater initial purchaser(660K) is down to 569k on his comparable unit. Carrying cost for D is $1,500 month plus atty. Figure even a 560k close minus 7%(40k) = 520k. Minus the atty/carrying(25K?) is down to net 490k from the original 949k loans. Bear in mind this is one of the FIRST foreclosures of this type. What happens to pricing when hundreds follow over the next 3-4 years?
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