It’s all coming together. ARM resets, foreclosures, dropping sale volumes, the loss of RE-dependent jobs, and the negative publicity that influences the market psychology – it’s all combining to create that vicious cycle that feeds on itself.
The engine that ran our local economy is having the equivalent of a massive coronary – it’s arteries clogged by the junk food and the toxins we’ve been shoveling into it. The bulls are hoping the government will find some magical heart defibrillator to shock the patient back to life. What they apparently don’t realize – or don’t want to realize – is that there isn’t enough current in the paddles to cut through the blubber, let alone excite that heart to beat strong enough to force any circulation through those arteries.
Some of these FBs are already corpses – others are dead men walking and they don’t even know it. Intervention? They’d be better off making their peace and resolving to go quietly.
