The effects of the Great Housing Crash will be enormous. Nearly every aspect of life around the globe will be effected in some way. When you have massive and historic worldwide speculation enabled by massive and historic leverage, and then the ponzi scheme ends, the unraveling will be epic.
I sure wish realtors and regular folks understood all of this. Ignorance is bliss, but only up to a point.
Yes, my friends, loyal HP readers and REIC trolls, our day is here. The housing crash and Great Unwinding is, and will be, the biggest story of 2007. And 2008. And 2009. And 2010...
Worst risk to market? Subprime mortgages
WASHINGTON — Growing trouble in the subprime mortgage industry poses the greatest risk to financial markets right now, according to a survey of business economists to be released Monday.
WASHINGTON — Growing trouble in the subprime mortgage industry poses the greatest risk to financial markets right now, according to a survey of business economists to be released Monday.
The forecast by the National Association of Business Economics (NABE), which polled 47 top economists, called the subprime sector a more serious concern than hedge funds, which came in second.
Housing will continue to be the biggest drag on growth. After five years of a boom market, housing starts have plunged in the past year.
