[quote=CricketOnTheHearth]Or maybe the reason the banks are clinging to the NODs like grim death is simply that if they let them blow up, they blow big holes in the banks’ balance sheets. Depending on the (actual, not Turner-rumored) state of said balance sheets, the banks may not be able to afford much more damage like that.
If this latter theory is correct, then what if the government were to pass some legislation that somehow let the banks have a one-time writedown of these houses, allowing them to mark-to-market and sell them without having to take the losses? I predict two things would happen:
1) Market prices would drop off a cliff and
2) Oodles of houses would suddenly appear. It would be a helicopter-drop of houses (fine by me).[/quote]
I vote for you as President!
[quote=JohnAlt91941]With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?
[/quote]
I’m still trying to figure that out as the bulls claim that still 85-90% are employed and taunt me by saying fear is keeping me stuck as a renter.
