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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John McCarthy who wrote (71617)11/24/2007 12:38:27 PM
From: mishedlo  Read Replies (2) | Respond to of 116555
 
Big Discounts, Expanded Hours, More Foreclosures
globaleconomicanalysis.blogspot.com
Shoppers are flooding to the malls but it's too early to call this a "success". Are shoppers just cherry picking bargains? Is this a weekend wonder, or a prelude to a strong season? Whatever the answer, new home loans are failing at a faster pace in 2007 than 2006. Unemployment is set to jump. The excesses of the past cycle are about to be purged.
Mish



To: John McCarthy who wrote (71617)11/24/2007 5:00:27 PM
From: RealMuLan  Respond to of 116555
 
John, honestly, I do not know<g>. I guess maybe some of those who took out loans in the first 6 months of this year might using new ARM rate to replace their old ARM rate, so after several months in the New higher ARM rate, they could not take it any more, so they default.

another possibility is that those new loan takers took a teaser rate, then after 6 months, they default because the reset rate is too high<g>


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