US: Seeing Prices Drop Significantly Everyday

Further ‘unexpected’ deterioration in US housing market (and it is going to get worse);

bloomberg.com/apps/news?pid= … SR1kumLhCM

A lot worse indeed - the percentage of mortgages which were “1% intro rate, interest only, no deposit, no documentation” taken out in the last 5 years in the US is unbelievable - some even had negative amortization :open_mouth:
A huge percentage of those will default for sure, once they reset to 3-4% above the fed rate (which is normal for sub-primes). Some people will go from paying 1% of their loan value per year to over 10%.

Bill Moyers discusses the “housing market meltdown”, the ongoing subprime mortgage and hedge fund crisis, and the “housing bubble” and “homebuying mania” with the New York Times’ Pulitzer-prize winning business reporter Gretchen Morgenson.

Bill Moyers 20070630 - Housing Market Meltdown 1 of 2
youtube.com/watch?v=6q9dC7FQJ1U

Bill Moyers 20070630 - Housing Market Meltdown 2 of 2
youtube.com/watch?v=ZggRyJlD8X4

Thanks for those videos Green Bear. That was a great summary of the whole subprime/housing mess.

news.bbc.co.uk/2/hi/business/6266470.stm

Not a very happy 4th of July for the US.

Blue Horseshoe