I've recently been informed that I visit too many doomsday blogs. But equated a 30% correction to "doomsday" is pretty ridiculous. I'm not talking about nuclear bombs, canibalism in the streets, or even the great depression (Note: my Chaplin pic below notwithstanding - for comedic satire only). Hey, just because I'm holding the coffee and you don't want to smell it doesn't make me crazy or "the bad guy". It jsut makes you an ostrich. Maybe I wouldn't have to be the bearer of bad news if people would just do their own research.
Painful hiss from Subprime Balloon
Subprime Collapse is a 'scary sign'
A subprime mortgage is one granted to borrowers with less-than-perfect credit histories because they've missed payments on credit cards, they are too young to have established a credit record, or a similar issue. As housing boomed in recent years, lenders rushed into making these loans, in some cases letting people borrow hundreds of thousands of dollars without ever having to prove their income or assets. Subprime lenders now represent about one-fifth of the overall $5.5 trillion U.S. mortgage market.
the number of homes entering the foreclosure process increased by 19% in January, compared with December's numbers. Compared with January 2006, the number of homes in the process is up 25%. In 2006, a total of 1.2 million homes entered the foreclosure process, 42% more than 2005.
Sorry about that .... would you like a cup of coffee?