Personally I think the speed at which the market is turning is a telling sign of how fast it’s going to fall. I’m pretty bearinsh – but I’ve been surprised at how quickly inventory has built and how fast people’s opinions are changing on the topic of housing.

The 50 year isn’t really going to help – the payment will still be substantially higher than the I/O ARM that people are already struggling with – and the longer people put off getting into a fixed the higher the pain – for some it’s already way too late – foreclosure is inevitable – they just don’t know it yet.