[bsrsharma]

“These are ‘PC’ figures — pre-crunch,” said Larson.

I like his style of change of epoch. Pre-crunch and post-crunch. Like the size of Zipped files on a PC.

————————————————————
……”Forget ‘location, location, location.’ The most important factor in today’s real estate market is ‘supply, supply, supply,'” said Mike Larson, a real estate analyst at with independent research firm Weiss Research.

“We are literally swimming in an ocean of homes for sale. In fact, at 4.59 million units, we have the most raw inventory for sale in history,” he said. “Until we work through this extremely large inventory glut, we’re not going to see any momentum in home prices.”

Even the Realtors’ own economist admitted that problems in the mortgage market will continue to take a toll on home sales.

“Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months,” said Lawrence Yun, the trade group’s senior economist.

“Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize.”

August has seen problems in the mortgage market cut deeply into the availability of financing for many buyers, particularly those needing subprime mortgages due to credit rating issues or a jumbo mortgage of more than $417,000.

The existing home sale numbers track sales that closed in the month. Closings typically occur a month or two after buyers lock in financing.

“These are ‘PC’ figures — pre-crunch,” said Larson. “The mortgage credit crunch that began very late in July and picked up steam in August will likely put more downward pressure on home sales and prices this month and into the fall.”……….

[bsrsharma]

“These are ‘PC’ figures — pre-crunch,” said Larson.

I like his style of change of epoch. Pre-crunch and post-crunch. Like the size of Zipped files on a PC.

————————————————————
……”Forget ‘location, location, location.’ The most important factor in today’s real estate market is ‘supply, supply, supply,'” said Mike Larson, a real estate analyst at with independent research firm Weiss Research.

“We are literally swimming in an ocean of homes for sale. In fact, at 4.59 million units, we have the most raw inventory for sale in history,” he said. “Until we work through this extremely large inventory glut, we’re not going to see any momentum in home prices.”

Even the Realtors’ own economist admitted that problems in the mortgage market will continue to take a toll on home sales.

“Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months,” said Lawrence Yun, the trade group’s senior economist.

“Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize.”

August has seen problems in the mortgage market cut deeply into the availability of financing for many buyers, particularly those needing subprime mortgages due to credit rating issues or a jumbo mortgage of more than $417,000.

The existing home sale numbers track sales that closed in the month. Closings typically occur a month or two after buyers lock in financing.

“These are ‘PC’ figures — pre-crunch,” said Larson. “The mortgage credit crunch that began very late in July and picked up steam in August will likely put more downward pressure on home sales and prices this month and into the fall.”……….

[bsrsharma]

A basic question – what is a tulip good for? I visited a tulip field nearby; it is neither as beautiful nor as fragrant as rose.

[bsrsharma]

A basic question – what is a tulip good for? I visited a tulip field nearby; it is neither as beautiful nor as fragrant as rose.

[bsrsharma]

A basic question – what is a tulip good for? I visited a tulip field nearby; it is neither as beautiful nor as fragrant as rose.

[bsrsharma]

I think reality is already happening. Not just China. No foreign creditor wants to buy any paper other than treasuries. No liquidity in Mortgages, Commercial paper, LBOs even munis. Next shoe to drop will be credit card and auto loans. By then we will have full fledged recession.

Already LBO value of Home Depot was negotiated down by $1.5B.

So instead of going round in circles, go straight and short US market. Long on essentials, short on “desirables”.

[bsrsharma]

I think reality is already happening. Not just China. No foreign creditor wants to buy any paper other than treasuries. No liquidity in Mortgages, Commercial paper, LBOs even munis. Next shoe to drop will be credit card and auto loans. By then we will have full fledged recession.

Already LBO value of Home Depot was negotiated down by $1.5B.

So instead of going round in circles, go straight and short US market. Long on essentials, short on “desirables”.

[bsrsharma]

I think reality is already happening. Not just China. No foreign creditor wants to buy any paper other than treasuries. No liquidity in Mortgages, Commercial paper, LBOs even munis. Next shoe to drop will be credit card and auto loans. By then we will have full fledged recession.

Already LBO value of Home Depot was negotiated down by $1.5B.

So instead of going round in circles, go straight and short US market. Long on essentials, short on “desirables”.

[bsrsharma]

Based on …..?

[bsrsharma]

Based on …..?

[bsrsharma]

Based on …..?

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[bsrsharma]

They bought the home for 1.65M in July of 04. ………

10/05 for 170k, then another for 360k on 11/05 then another for 1.8M on 11/05 and then another for 990k on 11/30 ………

they were pulling some hanky panky on the lenders.

All this in 16 months. Hard to believe lenders were innocent. Can you tell who the lenders are?

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