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OUCH!!!!

Home prices are down nationally 30% from the peak. The MSM is again crowing about a bottom in housing. Bullshit. The Obama administration has thrown everything but the kitchen sink at housing foreclosures. They have given $75 billion of your tax dollars to knuckleheads. They are paying and threatening big banks to not foreclose on deadbeats. And after all of this, all they accomplished was to slow the rate of decline in home prices. Sorry folks. As of tomorrow, the Fed will stop buying mortgage debt. Mortgage rates are headed up. The Alt-A and Option ARM resets lie ahead of us. Prices are going lower.

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