lee smith

Housing Freefall Continues Unabated

SO WHAT!! This is called reversion to the mean. What is the big deal? Who cares if houses which were price inflated by 30-50% drop in price. Serves the idiots who bought them right.

Will Subprime Fallout Lead to a Depression?

"This mortgage problem is tied to that given how much borrowing against equity to service credit card debt has been going on"

What equity? The people who take on these fancy interest only and no down payment mortgage loans have no equity in their houses.

Housing and Subprime: Enough Already - This Was No Surprise

"Of the 20% slice, the Mortgage Bankers Association reported this week that some 13% of those loans were in some stage of delinquency, a number which has steadily risen over recent quarters.

While alarming, the flip side is that some 87% of subprime loans are performing fine."


87%+13%=100% ???

Will Subprime Fallout Lead to a Depression?

Bill Cara is a gold bug and professional alarmist who spends much of his blog time backpedaling. The real estate and loan bust is a reversion to mean phenomenon and nothing more.