There was a spike in pending real estate sales last moth... the markets are all excited... the end of the depression is at hand... a light at the end of the tunnel... wrong...
Pray tell, how many were NOT either an REO or short sales... how many are NOT being financed by the FHA... should they all closes, how many will have an LTV below 95%... how many of these Buyer's have a FICO score that would pass muster at Fannie or Freddie...how many have borrowed down payments and non-occupant co-borrowers... don't get too excited... in failing to properly address the foreclosure issue, that great Cacophony of Conceited Condescending Clueless Clowns of Congress has made certain that "the markets" can stay all a twitter for no less than another 2 years... too bad that Disneyland isn't still selling "E" tickets...
In funding what can only be described as sub-prime loans, isn't the FHA merely laying the ground for the next real estate crash? ONLY a Realtor, Congress, Wall Street, media and the truly naive' believe that a person losing their home is a marvelous business opportunity...
What am I missing....
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