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...

False Hope

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....