Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (68978)	8/28/2006 7:16:11 PM
From: Ramsey Su	Read Replies (2) \| Respond to of 110194

ild, I have done everything the article mentioned. Bidding at the courthouse steps was very exciting, with that big cashier's check in your pocket. Coincidentally, I spent the better part of my day looking at REOs. Specifically, I was looking at the "Bank Owned Properties" in San Diego. realtytrac.com Take a look at Orange County on this map, it does not seem to agree with the OCRegister. All I can say is realtytrac appears to be accurate for SD and have no reason to doubt their accuracy for OC. Realtytrac showed there were 888 REOs already, which is really a very big number for San Diego. I actually did not remember SD having that many during the worst years when I was the business. So I did a cross reference to see if I can find any more data. I took the first 10 properties that I can find information on and the results shocked me. ALL TEN PROPERTIES HAD 100% FINANCING OR HIGHER. I thought bubble areas such as SD should have a little cushion from a couple of years of strong appreciation but this is obviously not the case. The lenders are going to be taken a beating and this is just the beginning. I do not see how we can avoid a very hard landing.