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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Victor Lazlo who wrote (27361)	2/3/2003 9:35:09 PM
From: LLCF	Read Replies (1) \| Respond to of 36161

<That's your opinion, or do you have a crystal ball? Lots of people own their houses outright. Tough for me to see how those folks would be caught in illiquid negative equity real estate. > I dont' think you need a crystal ball other than to acertain how low prices could get. The loan and refi numbers are quite large over the past few years. DAK

To: Victor Lazlo who wrote (27361)	2/3/2003 11:08:13 PM
From: loantech	Read Replies (1) \| Respond to of 36161

Victor, Once again the amount of free and clear homes are grossly exaggerated. Don't believe everything you read. Besides Russ has a history of being quite knowledgeable in Real Estate. Underwriting standards concerning debt consolidation, cash out and purchase money transactions have also been grossly relaxed as far as loan to value in the last 7-8 years. It is not uncommon to see many loans from 95,97, 100 and even exceeding 100% loan to value. A little wiff of softness in a local market area and people will walk as they will be under water. It has the chance of feeding on itself somewhat. You must not have been around in the last couple of downturns in the early 80's and late 80's in many national locales?? Tom