Good news. We're at the tail end of a wave of subprime resets.
Bad news. Round Two of approximately $230 billion in resets that will hit home within the next year. Alt-A mortgages and Option ARMs.
Pushing REOs through the FDIC-Asset Manager-Realtor pinhole is hardly any answer at all.
To Shoot The Messenger, aim at the stockings. :angry:
Oh well, could be worse. If we get Resolution Trust Corp. II (The Sequel),
we'll get big auctions. REAL auctions, not those "marketing events" that
have been posing as auctions. Potential buyers will need cash, or (LOLOLO)
a bank letter of credit in order to buy.
How will that affect the value of surrounding real estate?
I remember going to a couple of those RTC auctions way back when.
Reminds me of how old I am getting to be.
And how people need to keep learning the same lessons over and over and
over....
Good reading;
http://online.wsj.com/article/SB122169431617549947.html
Capricious
"...Can't you understand what's happening here? Don't you see what's happening? Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why..."