Put it all together, and throw in mainstream media outlets that as recently as June were calling for mortgage haircuts specifically to allow people to keep borrowing against their houses, and you’ve got the mother of all perfect storms mixed with the crack cocaine of third rails on steroids. The foreclosure wave may seem all tired and 2008, but it’s hotter than ever.
Update: Because commenter hmm brings up the Coming Commercial Real Estate Hyperpocalypse, which is the elephant in the room of all swords of Damocles spreading like wildfire; and also because like a golem I screwed up Jim the Realtor’s title in my latest print column, I urge you to run, don’t walk, to give two thumbs up to this tour of ghost malls by Jim the Realtor®.
Tim Cavanaugh, “Corpse of a Thousand Houses”, Hit and Run, 2009-09-23
September 24, 2009
QotD: Return of the revenge of the subprime mortgage apocalypse
1 Comment
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
[…] news by Nicholas The Sub-Prime Mortgage Market is Broken – Mortgage Advice … […]
Pingback by » QotD: Return of the revenge of the subprime mortgage apocalypse … » Subprime Mortgage Refinance — September 27, 2009 @ 21:50