It's a game of musical chairs in reverse, with thousands of empty chairs and only a few hundred players. Not hard at all to find a seat!
HLS, that's a very good analogy.
Currently, a large percentage of these "empty chairs" are "still in the pipeline". Most of the mortgage resets occuring in 2008 will show up as foreclosures in 2009.
Many of the knife catchers only see the large number of "players" & think that prices will go up soon. They fail the see the "empty chairs".
