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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (73069)	3/5/2007 12:12:18 PM
From: Smiling Bob	Respond to of 306849

I think you're absolutely right Sub-prime is for anyone who wants to latch on tothe lowest payment on the biggest house. Besides, American's are drawn to "bargains."

To: J. P. who wrote (73069)	3/5/2007 12:15:37 PM
From: Think4Yourself	Respond to of 306849

One in five mortgages last year was classified as subprime, so it is definitely not just the poor and first time buyers who take them out. What I am wondering is, now that the subprime spigot is shutting off, who is going to buy all the foreclosed properties where it really was the poor buying? The bank's won't be able to unload these properties for any amount if the areas are "undesirable" to the local buyers that aren't subprime. suspect we are going to see a resurgence in crime and crack houses soon, at the bank's expense.

To: J. P. who wrote (73069)	3/5/2007 12:21:25 PM
From: CalculatedRisk	Respond to of 306849

20% Subprime for last 3 years. Another 14% Alt-A (between subprime and prime).

To: J. P. who wrote (73069)	3/5/2007 1:37:09 PM
From: William JH	Respond to of 306849

I went to a 400 home project here in the Antelope Valley of North LA County. I liked one of the houses so the builder's agent sent me in to talk with the on-site rep from Countrywide (CFC). The first thing she said to me was to ask if I wanted an 80/20 loan, as though that was what buying a house was all about. Looking at the other house shoppers I've seen around the $300-400k homes, I see few who appear, at least to me, to be medium or higher income people. I guess everyone today can afford spend $3-4,000 per month for their house. Around here with all the new homes for sale I can't see a good outcome at all. But that's just looking at this one area.