It’s about time for LA-Y to support her arguments with data.Let’s see how she’ll spin her “liberating equity” nonsense,when all those “liberated” homeowners are forced to sell in this declining market.How many will have any of that “liberated equity” left to bring to the closing?
On a side note,I had a real estate agent/mtg.broker in our shop yesterday.He was in a rather somber mood .He tells me that “I need to do a refi soon” His listings are gathering dust and he has not earned a commission in quite some time.He goes on to tell me this gem..”cash out refi’s are the only way that people can make it it here in San Diego “. While I’ve believed this to be true for some time now,it was interesting(or ominous) to hear him say this rather matter of factly.
As I’ve said before,take a look at your own neighborhood and see just how many people have done at least 1 cash out refi(or more) in the last few years.I believe you’ll be astounded(or appalled) at those numbers.
Soft Landing……….impossible
Blood in the streets…….. very possible
