Thursday, May 13, 2010

And the bleeding goes on...

There are some 90,000,000 residential housing units in the United States all
of the Wall Street darling "experts"... S&P Case Shiller, RealtyTrac, Trullia, Zillow, etc.
somewhat agree that the number of homes CURRENTLY underwater is 23%... as a
percentage "not awful".... but in a real number it is 20,700,000 homes in trouble...

For the better part of three years I have warned that these very same "experts", who
at that time estimated the number of problem loans to be around 5-8 million, were
off by a factor approaching 100%... I was wrong... by their own numbers, they
are off by about 150%...

AND, based on my no less expert analysis the number actually, currently underwater
or in trouble is closer to 25,000,000... then add that to the number that have already
been foreclosed upon or sold as a short sale, and when this is done we will have run
through over 50,000,000 homes... 50 million families devastated... ah, but Wall Street is
doing just fine...

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