PS, let me get this straight… you’re saying that 75% of all mortgages that face a reset in 2007 are ultimately going to default? Figure out a way for me to take the other side of that bet and we can definitely do business – I’ll bet on under 50%. (I’ve asked you to do this before but you didn’t respond.) Weren’t you recently saying that the default rate was going to be 90%? Are you becoming less bearish?
On a separate note, the December SoCal medians are going to be interesting. I wonder if we’ll be down 10% YOY by the end of the year. I hope so.
