Dunno if anyone else is watching this trainwreck.
If you haven't bought a place, but are thinking about it...wait 18 to 24 months. Then you can get a sweeeet deal.
2006 - 336 Billion dollars worth of ARMs will begin adjusting (including IO's and Neg Ams'). Market will grind down a few %.
2007 - 1.3 Trillion dollars worth will begin adjusting. 2.5 to 4 million properties will be adjusting, world of fucking hurt! Market will take a shit.
San Diego is diving hard, Pheonix is toast already. 82% of last years paper in California was ARM's (new motto, "the no doc state"). If you have any pheonix speculative property, you already are sweating profusely. OC teetering, Bay area teetering, SacTown over the hump and starting to slide. Inland Empire over the hump and sliding.
If you are on an ARM or are nuts on an IO or other exotic, I'll say "sorry to hear it" now incase I don't get a chance to when you lose your house.
Quick bucks to be had shorting CTX <img src="/~stretch/ubbthreads/images/graemlins/wink.gif" alt="" /> 7 mil cash, billions in liability and nobodys gonna buy their shit next year.
Good money to be made in 07 & 08. Too many people thought of their houses as ATM machines. Wonder if you can haul granite countertops to the pawn shop.
