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News Archives
March 2007
Monday, March 2, 2007
the
85%
home price reductions and depression ahead
"The credit cycle has
run its course. The housing bubble has burst. The home prices are
plunging at a rate never seen before. Where does it end?"
"As a result, before the real estate meltdown is over, the
banking and financial services sector collapse will create a scenario
when homes will be traded in pure and simple cash. That may require a
85% fall in real estate prices."
After the
housing meltdown and great depression of this millennium
Indiadaily.com
Mega bank
failures after bubble pops
"More
than 100 major banks will fail in the next three years as a forty and
twenty year banking cycle tops are here. The effect of this on the
economy is severe. It will cause massive depression in the economy.
"
More than 100
major banks will fail in the next three years
COUNTRYWIDE’S CALIFORINIA REO’S UP 42% IN MARCH! :
Massive firing
begins at home lenders!
"New Century Financial Corp., once the nation's second-largest
provider of home loans to high-risk borrowers, filed for bankruptcy
protection on Monday, the victim of its own financial missteps as well
as pressures felt by its rival lenders."
Major Subprime Mortgage Lender Files for Bankruptcy, Fires 3,200
Workers
Tighter lending
standards shakes-up O.C. housing market!
When the buyers went into escrow on the purchase of two homes in
Placentia, the lender required that they have three months of loan
payments in the bank. Now, the lender wants the buyers to have a
six-month reserve before approving the loan.
Subprime worries shake up housing market
After crash, current credit
scoring system will be extinct?
"As people
refuse to buy on credit and take ruthless loans, the credit monitoring
systems will become irrelevant. The legislation will be introduced to
restrict predatory lending and sucking common people into financial
slavery."
As banks fail,
mortgage defaults and real estate foreclosures skyrocket, the credit
rating systems will face extinction
Flippers Flop in Florida
"Abundant
sunshine has been known to distort investors' perception of the laws
of economics from the 1890s to the present. With tens of thousands of
properties languishing on the market, the quick profits seem to have
evaporated."
Flipped in
Florida: Sellers face the housing bust
Long-time homeowners refinanced,
now risk foreclosure!
"As the subprime home financing fiasco continues to unravel,
one of its most frayed threads is coming to light, according to three
new studies: Many longtime homeowners have put their houses in
jeopardy by refinancing with high-interest loans."
A rash of
subprime troubles extends to many longtime homeowners who redid their
loans
Even foreclosures are a tough sell
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